Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Advisory Services Network LLC

Advisory Services Network LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 64,109 shares of the software maker’s stock after selling 5,184 shares during the quarter. Advisory Services Network LLC’s holdings in Fortinet were worth $3,752,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cito Capital Group LLC acquired a new position in Fortinet during the third quarter worth $660,000. Vontobel Holding Ltd. raised its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after purchasing an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its position in Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares during the period. LGT Group Foundation raised its position in Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares during the period. Finally, Alamar Capital Management LLC raised its position in Fortinet by 12.5% in the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after purchasing an additional 7,110 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now 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 is available through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,396 shares of company stock worth $4,838,534. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on FTNT. Stifel Nicolaus boosted their price objective on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Jefferies Financial Group decreased their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Wedbush reissued an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company reduced their price objective on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $70.10.

Fortinet Price Performance

NASDAQ:FTNT traded up $0.42 during trading hours on Friday, reaching $61.35. 2,653,983 shares of the company traded hands, compared to its average volume of 6,588,135. The firm’s 50-day moving average is $64.61 and its 200-day moving average is $62.43. The stock has a market cap of $46.87 billion, a P/E ratio of 40.10, a P/E/G ratio of 3.02 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. Equities research analysts expect that Fortinet, Inc. will post 1.46 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.