Financial Avengers Inc. Has $93,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Financial Avengers Inc. reduced its position in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 15.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,900 shares of the software maker’s stock after selling 350 shares during the period. Financial Avengers Inc.’s holdings in Fortinet were worth $93,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of FTNT. Heritage Financial Services LLC acquired a new stake in Fortinet in the 2nd quarter valued at about $29,000. Capital Advisors Ltd. LLC raised its holdings in Fortinet by 400.0% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 505 shares of the software maker’s stock valued at $29,000 after acquiring an additional 404 shares during the period. Ronald Blue Trust Inc. raised its holdings in Fortinet by 632.9% in the 3rd quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock valued at $30,000 after acquiring an additional 462 shares during the period. JFS Wealth Advisors LLC raised its holdings in Fortinet by 332.9% in the 2nd quarter. JFS Wealth Advisors LLC now owns 645 shares of the software maker’s stock valued at $36,000 after acquiring an additional 496 shares during the period. Finally, TCI Wealth Advisors Inc. raised its holdings in Fortinet by 403.5% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 715 shares of the software maker’s stock valued at $40,000 after acquiring an additional 573 shares during the period. 64.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FTNT shares. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 7th. Oppenheimer lowered their price target on shares of Fortinet from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, November 3rd. Barclays lowered their price target on shares of Fortinet from $57.00 to $56.00 and set an “overweight” rating on the stock in a report on Wednesday, January 11th. KeyCorp lowered their target price on shares of Fortinet from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, November 16th. Finally, Wedbush lowered their target price on shares of Fortinet from $76.00 to $64.00 in a report on Thursday, November 3rd. Seven analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.15.

Fortinet Trading Down 2.5 %

Fortinet stock traded down $1.26 during mid-day trading on Wednesday, reaching $49.83. The company had a trading volume of 1,046,829 shares, compared to its average volume of 4,885,033. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $71.52. The company has a market cap of $38.93 billion, a P/E ratio of 56.39, a P/E/G ratio of 2.65 and a beta of 1.13. The business has a fifty day simple moving average of $50.82 and a 200 day simple moving average of $52.35.

Fortinet (NASDAQ:FTNT – Get Rating) last issued its earnings results on Wednesday, November 2nd. The software maker reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. Fortinet had a net margin of 18.12% and a return on equity of 9,183.04%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the business posted $0.15 earnings per share. The company’s quarterly revenue was up 32.6% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 0.9 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP John Whittle sold 3,125 shares of Fortinet stock in a transaction on Friday, November 11th. The shares were sold at an average price of $55.00, for a total transaction of $171,875.00. Following the transaction, the vice president now owns 12,876 shares in the company, valued at $708,180. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 18.80% of the stock is owned by company insiders.

Fortinet Company Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.