Hedeker Wealth LLC Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

Hedeker Wealth LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,185 shares of the software maker’s stock after selling 160 shares during the quarter. Hedeker Wealth LLC’s holdings in Fortinet were worth $1,671,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FTNT. FMR LLC boosted its stake in shares of Fortinet by 107.7% during the 2nd quarter. FMR LLC now owns 3,402,269 shares of the software maker’s stock worth $467,029,000 after acquiring an additional 1,764,222 shares during the period. Congress Asset Management Co. MA boosted its holdings in shares of Fortinet by 1,004.6% during the 2nd quarter. Congress Asset Management Co. MA now owns 758,144 shares of the software maker’s stock valued at $104,070,000 after purchasing an additional 689,511 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Fortinet by 50.4% during the 2nd quarter. Two Sigma Advisers LP now owns 1,185,028 shares of the software maker’s stock valued at $162,669,000 after purchasing an additional 397,028 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Fortinet by 111.4% during the 2nd quarter. Nordea Investment Management AB now owns 717,856 shares of the software maker’s stock valued at $97,780,000 after purchasing an additional 378,307 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Fortinet by 2,512.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 304,430 shares of the software maker’s stock valued at $41,790,000 after purchasing an additional 292,777 shares during the last quarter. 68.37% of the stock is currently owned by institutional investors.

A number of research analysts recently commented on FTNT shares. Citigroup increased their price target on shares of Fortinet from $92.00 to $102.00 and gave the company a “sell” rating in a report on Monday, August 10th. Goldman Sachs Group raised shares of Fortinet from a “neutral” rating to a “buy” rating and increased their price target for the company from $143.00 to $150.00 in a report on Tuesday, October 20th. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortinet in a report on Thursday, August 20th. They issued a “hold” rating and a $131.00 price target for the company. JPMorgan Chase & Co. downgraded shares of Fortinet from an “overweight” rating to a “neutral” rating and set a $135.00 price target for the company. in a report on Tuesday, July 7th. Finally, Morgan Stanley increased their price target on shares of Fortinet from $116.00 to $124.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and thirteen have given a buy rating to the stock. Fortinet presently has an average rating of “Hold” and an average price target of $131.00.

In related news, VP John Whittle sold 4,389 shares of Fortinet stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $128.14, for a total value of $562,406.46. Following the sale, the vice president now owns 5,563 shares of the company’s stock, valued at approximately $712,842.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Christopher B. Paisley sold 750 shares of Fortinet stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $133.83, for a total value of $100,372.50. Following the completion of the sale, the director now directly owns 75,479 shares in the company, valued at approximately $10,101,354.57. The disclosure for this sale can be found here. Insiders have sold a total of 53,351 shares of company stock worth $6,979,883 in the last quarter. 17.20% of the stock is currently owned by company insiders.

Fortinet stock traded down $4.72 during trading hours on Wednesday, reaching $119.51. 12,020 shares of the company were exchanged, compared to its average volume of 1,696,555. The firm has a market cap of $20.10 billion, a price-to-earnings ratio of 51.76, a PEG ratio of 4.24 and a beta of 0.89. The stock has a 50-day moving average of $121.60 and a 200 day moving average of $128.03. Fortinet, Inc. has a 12 month low of $70.20 and a 12 month high of $151.95.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.17. The firm had revenue of $615.50 million during the quarter, compared to analysts’ expectations of $599.20 million. Fortinet had a return on equity of 40.58% and a net margin of 17.46%. The company’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post 2.17 earnings per share for the current fiscal year.

About Fortinet

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 (WAN) acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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