Boston Trust Walden Corp Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Boston Trust Walden Corp lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 made changes to their positions in FTNT. Wealth Enhancement Advisory Services LLC raised its stake in Fortinet by 37.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock worth $5,841,000 after acquiring an additional 20,368 shares during the last quarter. Arkadios Wealth Advisors increased its holdings in shares of Fortinet by 17.5% in the third quarter. Arkadios Wealth Advisors now owns 37,894 shares of the software maker’s stock valued at $2,939,000 after purchasing an additional 5,657 shares during the period. Forsta AP Fonden raised its stake in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Fortinet by 19.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 176,050 shares of the software maker’s stock worth $13,635,000 after purchasing an additional 28,525 shares during the period. Finally, Parcion Private Wealth LLC boosted its position in Fortinet by 2.6% in the third quarter. Parcion Private Wealth LLC now owns 7,873 shares of the software maker’s stock valued at $611,000 after buying an additional 200 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was 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 accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research report on Thursday, August 8th. Rosenblatt Securities decreased their target price on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Wedbush reaffirmed an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, UBS Group upped their target price on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.25.

Fortinet Stock Performance

NASDAQ:FTNT opened at $80.34 on Friday. The company has a market cap of $61.45 billion, a P/E ratio of 47.54, a P/E/G ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77. The company’s 50-day moving average price is $77.64 and its 200-day moving average price is $67.05. 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 posted 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 firm had revenue of $1.43 billion during 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%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 earnings per share. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

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.