Park Place Capital Corp Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

Park Place Capital Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 72.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,225 shares of the software maker’s stock after selling 3,173 shares during the quarter. Park Place Capital Corp’s holdings in Fortinet were worth $84,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in FTNT. TFO Wealth Partners LLC raised its position in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares during the last quarter. Cito Capital Group LLC acquired a new position in Fortinet in the third quarter valued at about $660,000. Vontobel Holding Ltd. lifted its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after buying an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares during the period. Finally, LGT Group Foundation increased its stake in shares of Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after buying an additional 94,475 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Fortinet news, Director William H. Neukom bought 586 shares of the stock in a transaction on Thursday, June 6th. The shares were acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,638 shares of company stock worth $5,705,568. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FTNT shares. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a report on Tuesday, June 11th. Royal Bank of Canada decreased their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. JPMorgan Chase & Co. reduced their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Truist Financial dropped their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $70.03.

Fortinet Trading Down 0.7 %

NASDAQ:FTNT traded down $0.42 during mid-day trading on Monday, hitting $59.85. 4,883,895 shares of the company’s stock traded hands, compared to its average volume of 5,904,779. The firm has a market capitalization of $45.72 billion, a price-to-earnings ratio of 39.38, a price-to-earnings-growth ratio of 2.95 and a beta of 0.98. The firm has a 50 day moving average of $60.58 and a two-hundred day moving average of $63.78. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.29 earnings per share. As a group, equities research analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current year.

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.