The position of Fortinet, Inc. (NASDAQ:FTNT) was downgraded by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 16.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 136,874 shares of the software maker’s stock after selling 26,140 shares during the quarter. Holdings of Daiwa Securities Group Inc. holdings in Fortinet were worth $8,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Simplicity Wealth LLC raised its position in shares of Fortinet by 2.2% in 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 during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares during the last quarter. Werlinich Asset Management LLC boosted its stake in 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 acquiring an additional 180 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its holdings in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after acquiring an additional 185 shares in the last quarter. Finally, STF Management LP increased its position in Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after acquiring an additional 187 shares in the last quarter. 83.71% of the shares are currently owned by institutional investors and hedge funds.

Fortinet trading up 0.7%

Shares of NASDAQ FTNT opened at $76.64 on Thursday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.08. The stock has a market cap of $58.55 billion, a price-to-earnings ratio of 50.09, a P/E/G ratio of 2.71 and a beta of 0.99. The company has a quick ratio of 1.22, a current ratio of 1.32, and a debt-to-equity ratio of 3.45. The company’s fifty-day moving average is $66.71, and its 200-day moving average is $64.94.

Fortinet (NASDAQ:FTNT – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. In the same quarter last year, the business posted EPS of $0.31. The company’s revenue was up 10.9% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Analysts on Wall Street are forecasting an increase

Several brokerages have issued reports on FTNT. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Robert W. Baird lifted their price target on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company upped their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $71.31, according to MarketBeat.

See the latest stock analysis on Fortinet

Indoor activity

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 72,672 shares of company stock worth $4,573,864 over the last 90 days. Corporate insiders hold 18.00% of the company’s stock.

About Fortinet

(Free Report)

Fortinet, Inc provides cybersecurity and convergence of network and security solutions worldwide. Provides secure network solutions focused on network and security convergence; network firewall solutions consisting 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 LAN access points, FortiExtender 5G connectivity gateways and other products.

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