Gladstone Institutional Advisory LLC Sells 1,315 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Gladstone Institutional Advisory LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 17.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 6,063 shares of the software maker’s stock after selling 1,315 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in Fortinet were worth $355,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FTNT. Private Advisor Group LLC grew its stake in shares of Fortinet by 14.5% during the 3rd quarter. Private Advisor Group LLC now owns 21,301 shares of the software maker’s stock valued at $1,250,000 after purchasing an additional 2,699 shares during the period. Larson Financial Group LLC lifted its position in shares of Fortinet by 77.3% during the 3rd quarter. Larson Financial Group LLC now owns 3,653 shares of the software maker’s stock valued at $214,000 after buying an additional 1,593 shares in the last quarter. MGO One Seven LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at about $222,000. Signaturefd LLC lifted its position in shares of Fortinet by 2.7% during the 3rd quarter. Signaturefd LLC now owns 11,610 shares of the software maker’s stock valued at $681,000 after buying an additional 300 shares in the last quarter. Finally, Syon Capital LLC purchased a new position in shares of Fortinet during the 3rd quarter valued at about $255,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Scotiabank lowered their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Cantor Fitzgerald lowered their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial lowered their price target on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. HSBC lowered their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday, May 3rd. Finally, Barclays lowered their price target on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $70.10.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,396 shares of company stock worth $4,838,534. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 1.0 %

Shares of FTNT opened at $60.93 on Friday. The stock has a market capitalization of $46.55 billion, a PE ratio of 39.82, a P/E/G ratio of 3.03 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The company’s 50-day simple moving average is $64.71 and its 200-day simple moving average is $62.27.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the company earned $0.29 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts forecast that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal 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.