GAMMA Investing LLC Sells 238 Shares of Fortinet, Inc. (NASDAQ:FTNT)

GAMMA Investing LLC reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,763 shares of the software maker’s stock after selling 238 shares during the quarter. GAMMA Investing LLC’s holdings in Fortinet were worth $588,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Cetera Advisors LLC raised its position in shares of Fortinet by 91.6% during the first quarter. Cetera Advisors LLC now owns 33,223 shares of the software maker’s stock worth $2,269,000 after acquiring an additional 15,880 shares during the last quarter. Cetera Investment Advisers raised its holdings in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the last quarter. PGGM Investments lifted its position in Fortinet by 0.8% during the 1st quarter. PGGM Investments now owns 175,791 shares of the software maker’s stock valued at $12,008,000 after purchasing an additional 1,360 shares during the period. Swedbank AB acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $548,013,000. Finally, Sanibel Captiva Trust Company Inc. raised its stake in shares of Fortinet by 0.9% during the first quarter. Sanibel Captiva Trust Company Inc. now owns 179,110 shares of the software maker’s stock worth $12,235,000 after buying an additional 1,526 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

FTNT traded down $0.69 during trading hours on Friday, reaching $56.51. The company’s stock had a trading volume of 5,940,825 shares, compared to its average volume of 4,801,712. The company’s 50-day moving average is $59.16 and its 200-day moving average is $63.69. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $76.00. The firm has a market cap of $43.17 billion, a PE ratio of 36.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 EPS. Equities analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of a number of analyst reports. Jefferies Financial Group lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Scotiabank decreased their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Wedbush restated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Finally, Morgan Stanley lowered their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $70.00.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold 91,915 shares of company stock worth $5,401,638 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Company Profile

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.