Moors & Cabot Inc. Reduces Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Moors & Cabot Inc. cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 34,180 shares of the software maker’s stock after selling 3,035 shares during the quarter. Moors & Cabot Inc.’s holdings in Fortinet were worth $2,060,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares during the period. Simplicity Wealth LLC raised its stake in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares during the period. Werlinich Asset Management LLC grew its stake in Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC raised its stake in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $75.61 on Wednesday. The stock has a 50 day moving average of $67.59 and a two-hundred day moving average of $65.03. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The firm has a market cap of $57.76 billion, a P/E ratio of 49.42, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 earnings per share. On average, analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Morgan Stanley dropped their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Royal Bank of Canada increased their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $71.57.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value 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 disclosure for this sale can be found here. Insiders sold 72,672 shares of company stock valued at $4,573,864 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet 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.