Pinnacle Associates Ltd. Cuts Position in Fortinet Inc (NASDAQ:FTNT)

Pinnacle Associates Ltd. decreased its position in Fortinet Inc (NASDAQ:FTNT) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 10,529 shares of the software maker’s stock after selling 656 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Fortinet were worth $809,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bremer Bank National Association purchased a new stake in Fortinet in the first quarter valued at approximately $44,000. Valeo Financial Advisors LLC increased its position in shares of Fortinet by 2,117.4% during the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock worth $39,000 after acquiring an additional 487 shares during the period. Amica Retiree Medical Trust purchased a new stake in shares of Fortinet during the second quarter worth $51,000. Employers Holdings Inc. purchased a new stake in shares of Fortinet during the second quarter worth $54,000. Finally, CWM LLC increased its position in shares of Fortinet by 299.6% during the second quarter. CWM LLC now owns 991 shares of the software maker’s stock worth $76,000 after acquiring an additional 743 shares during the period. 71.55% of the stock is currently owned by institutional investors.

Shares of FTNT stock opened at $80.35 on Friday. The firm has a fifty day moving average price of $83.17 and a 200 day moving average price of $82.83. The company has a market cap of $14.02 billion, a P/E ratio of 71.11, a PEG ratio of 3.74 and a beta of 1.08. Fortinet Inc has a 12 month low of $64.41 and a 12 month high of $96.96.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.28. The firm had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. Fortinet had a net margin of 19.07% and a return on equity of 23.96%. The company’s revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. As a group, equities analysts expect that Fortinet Inc will post 1.42 earnings per share for the current fiscal year.

In related news, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $70.43, for a total transaction of $2,817,200.00. Following the completion of the transaction, the vice president now owns 6,388,548 shares in the company, valued at $449,945,435.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 8,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $81.33, for a total transaction of $650,640.00. Following the completion of the transaction, the chief executive officer now owns 12,523,273 shares of the company’s stock, valued at approximately $1,018,517,793.09. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,250 shares of company stock valued at $3,642,598. Insiders own 17.20% of the company’s stock.

A number of analysts have recently weighed in on FTNT shares. Robert W. Baird reaffirmed a “hold” rating and set a $100.00 price objective on shares of Fortinet in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised Fortinet from a “neutral” rating to an “overweight” rating and set a $93.00 price objective on the stock in a research report on Monday, June 24th. Citigroup upped their price objective on Fortinet from $78.00 to $80.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Northland Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Fortinet in a research report on Friday, May 3rd. Finally, Morgan Stanley upped their price objective on Fortinet from $77.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. Fortinet currently has an average rating of “Hold” and a consensus price target of $87.96.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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