Patriot Financial Group Insurance Agency LLC Sells 259 Shares of Fortinet, Inc. $FTNT

Patriot Financial Group Insurance Agency LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,667 shares of the software maker’s stock after selling 259 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Fortinet were worth $2,185,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Brighton Jones LLC increased its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC bought a new stake in Fortinet in the fourth quarter valued at $585,000. NBC Securities Inc. raised its stake in Fortinet by 99,075.0% during the first quarter. NBC Securities Inc. now owns 3,967 shares of the software maker’s stock worth $381,000 after acquiring an additional 3,963 shares in the last quarter. Clare Market Investments LLC raised its stake in Fortinet by 25.0% during the first quarter. Clare Market Investments LLC now owns 7,505 shares of the software maker’s stock worth $722,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Lmcg Investments LLC raised its stake in Fortinet by 28.5% during the first quarter. Lmcg Investments LLC now owns 52,623 shares of the software maker’s stock worth $5,065,000 after acquiring an additional 11,657 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. Wedbush dropped their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Citigroup reiterated a “neutral” rating and set a $85.00 price objective (down from $110.00) on shares of Fortinet in a research note on Monday, August 18th. UBS Group dropped their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Royal Bank Of Canada dropped their price objective on Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research note on Thursday, August 7th. Finally, Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $97.03.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of FTNT stock opened at $86.29 on Friday. The stock’s fifty day moving average is $83.73 and its 200-day moving average is $95.16. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market capitalization of $66.12 billion, a PE ratio of 34.38, a PEG ratio of 3.21 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.