Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,540 shares of the software maker’s stock after selling 259 shares during the period. Cigna Investments Inc. New’s holdings in Fortinet were worth $507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Eagle Capital Management LLC raised its position in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC boosted its position in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after purchasing an additional 148 shares in the last quarter. Simplicity Wealth LLC boosted its position in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after purchasing an additional 174 shares in the last quarter. Werlinich Asset Management LLC increased its position in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after buying an additional 180 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its stake in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after buying an additional 185 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT opened at $78.80 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The business’s 50 day moving average is $78.06 and its two-hundred day moving average is $67.48. The firm has a market cap of $60.27 billion, a price-to-earnings ratio of 46.63, a PEG ratio of 2.78 and a beta of 1.00. 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 announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company 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%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the business posted $0.31 EPS. Research analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTNT. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. Royal Bank of Canada boosted their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Robert W. Baird raised their price target on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Rosenblatt Securities boosted their price objective on Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, UBS Group raised their target price on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.68.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 70,538 shares of company stock worth $5,403,559. Corporate insiders own 18.00% of the company’s stock.

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.