Park Place Capital Corp Sells 3,173 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Park Place Capital Corp cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 72.1% during the 1st quarter, Holdings Channel reports. The firm owned 1,225 shares of the software maker’s stock after selling 3,173 shares during the period. Park Place Capital Corp’s holdings in Fortinet were worth $84,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Norges Bank bought a new stake in Fortinet during the 4th quarter valued at approximately $203,501,000. Sarasin & Partners LLP bought a new stake in Fortinet during the 1st quarter valued at approximately $120,746,000. Public Sector Pension Investment Board boosted its position in Fortinet by 358.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock valued at $96,478,000 after acquiring an additional 1,285,197 shares in the last quarter. Parnassus Investments LLC boosted its position in Fortinet by 223.6% during the 4th quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock valued at $79,979,000 after acquiring an additional 944,161 shares in the last quarter. Finally, Carmignac Gestion boosted its position in Fortinet by 3,383.8% during the 4th quarter. Carmignac Gestion now owns 720,902 shares of the software maker’s stock valued at $42,194,000 after acquiring an additional 700,209 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $0.42 during midday trading on Monday, hitting $59.85. The company had a trading volume of 4,883,895 shares, compared to its average volume of 5,904,779. The company has a market cap of $45.72 billion, a price-to-earnings ratio of 39.38, a PEG ratio of 2.95 and a beta of 0.98. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a fifty day moving average of $60.58 and a two-hundred day moving average of $63.78.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. Research analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the company. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday. Jefferies Financial Group dropped their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. HSBC dropped their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research report on Friday, May 3rd. Wells Fargo & Company dropped their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Finally, Piper Sandler dropped their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $70.03.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 24,235 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the transaction, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,638 shares of company stock valued at $5,705,568. Company insiders own 18.00% of the company’s stock.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.