Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Boston Trust Walden Corp

Boston Trust Walden Corp cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 142,217 shares of the software maker’s stock after selling 1,776 shares during the period. Boston Trust Walden Corp’s holdings in Fortinet were worth $11,029,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wealthcare Advisory Partners LLC grew its position in Fortinet by 138.1% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after acquiring an additional 5,820 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in Fortinet by 51.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 20,790 shares of the software maker’s stock worth $1,420,000 after buying an additional 7,086 shares during the period. Trilogy Capital Inc. acquired a new stake in Fortinet during the 1st quarter worth approximately $415,000. Aviance Capital Partners LLC purchased a new position in Fortinet in the 1st quarter valued at approximately $205,000. Finally, Oak Thistle LLC acquired a new position in shares of Fortinet in the first quarter worth $466,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.3 %

Shares of NASDAQ:FTNT opened at $80.34 on Friday. The company has a market cap of $61.45 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The firm’s 50-day simple moving average is $77.64 and its 200-day simple moving average is $67.05. 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 quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 earnings per share. As a group, equities research analysts predict that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday. Truist Financial raised their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird boosted their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $73.25.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, 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 filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock valued at $6,790,149 in the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet 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.