Carderock Capital Management Inc. Sells 44,959 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Carderock Capital Management Inc. trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 33.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,205 shares of the software maker’s stock after selling 44,959 shares during the period. Carderock Capital Management Inc.’s holdings in Fortinet were worth $6,995,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FTNT. Winthrop Capital Management LLC bought a new stake in Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC raised its stake in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. City State Bank lifted its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter worth about $33,000. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the third quarter valued at approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’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 transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock worth $6,790,149 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $82.12 on Thursday. The firm’s 50 day simple moving average is $76.30 and its 200 day simple moving average is $66.47. The firm has a market capitalization of $62.73 billion, a price-to-earnings ratio of 53.67, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77. 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 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. During the same period in the previous year, the business posted $0.31 earnings per share. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on FTNT. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Rosenblatt Securities dropped their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. TD Cowen lifted their target price on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada increased their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $72.64.

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.