United Services Automobile Association Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

United Services Automobile Association cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.6% in the second quarter, Holdings Channel.com reports. The fund owned 17,643 shares of the software maker’s stock after selling 852 shares during the quarter. United Services Automobile Association’s holdings in Fortinet were worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Choreo LLC lifted its position in Fortinet by 24.8% in the second quarter. Choreo LLC now owns 19,789 shares of the software maker’s stock valued at $1,185,000 after acquiring an additional 3,937 shares during the last quarter. Wedbush Securities Inc. lifted its position in Fortinet by 1.4% in the second quarter. Wedbush Securities Inc. now owns 18,939 shares of the software maker’s stock valued at $1,141,000 after acquiring an additional 266 shares during the last quarter. Prudential PLC lifted its position in Fortinet by 387.0% in the second quarter. Prudential PLC now owns 207,096 shares of the software maker’s stock valued at $12,482,000 after acquiring an additional 164,568 shares during the last quarter. First Foundation Advisors lifted its position in Fortinet by 15.8% in the second quarter. First Foundation Advisors now owns 50,172 shares of the software maker’s stock valued at $3,024,000 after acquiring an additional 6,863 shares during the last quarter. Finally, Quest Partners LLC lifted its position in Fortinet by 40,857.9% in the second quarter. Quest Partners LLC now owns 7,782 shares of the software maker’s stock valued at $469,000 after acquiring an additional 7,763 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.1 %

Shares of FTNT opened at $75.10 on Tuesday. The firm’s 50-day moving average is $66.09 and its two-hundred day moving average is $64.79. The firm has a market capitalization of $57.37 billion, a P/E ratio of 49.08, a PEG ratio of 2.71 and a beta of 0.99. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.08. 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 released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 earnings per share. On average, research analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Robert W. Baird upped their target price on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Wells Fargo & Company upped their target price 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. Susquehanna upped their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. BMO Capital Markets upped their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Finally, Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $71.31.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the 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 directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the company’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 transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold 72,672 shares of company stock worth $4,573,864 over the last ninety days. 18.00% of the stock is currently owned by insiders.

About Fortinet

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.