Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Leuthold Group LLC

Leuthold Group LLC cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 69,550 shares of the software maker’s stock after selling 2,300 shares during the period. Leuthold Group LLC’s holdings in Fortinet were worth $5,394,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Eagle Capital Management LLC lifted its position in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares during the period. Simplicity Wealth LLC boosted its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares during the last quarter. Werlinich Asset Management LLC grew its holdings in Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC raised its position in Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Scotiabank upped their price objective on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Rosenblatt Securities lowered their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Wells Fargo & Company lifted their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. UBS Group increased their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $73.25.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

NASDAQ:FTNT opened at $81.28 on Monday. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. The stock’s fifty day moving average is $77.64 and its two-hundred day moving average is $67.04. The company has a market capitalization of $62.17 billion, a P/E ratio of 47.54, a P/E/G ratio of 2.92 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 1.74 EPS for the current year.

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.