Capital Analysts LLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 4.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 16,492 shares of the software maker’s stock after selling 827 shares during the quarter. Capital Analysts LLC’s holdings in Fortinet were worth $1,096,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Alpha Cubed Investments LLC bought a new position in Fortinet during the first quarter worth about $230,000. Mn Services Vermogensbeheer B.V. lifted its position in Fortinet by 4.5% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 340,990 shares of the software maker’s stock valued at $22,662,000 after acquiring an additional 14,600 shares in the last quarter. M Holdings Securities Inc. lifted its position in Fortinet by 12.6% during the 4th quarter. M Holdings Securities Inc. now owns 8,473 shares of the software maker’s stock worth $414,000 after buying an additional 950 shares in the last quarter. Burney Co. lifted its position in Fortinet by 13.3% during the 4th quarter. Burney Co. now owns 26,062 shares of the software maker’s stock worth $1,274,000 after buying an additional 3,055 shares in the last quarter. Finally, Engineers Gate Manager LP increased its stake in shares of Fortinet by 891.3% during the 4th quarter. Engineers Gate Manager LP now owns 101,534 shares of the software maker’s stock worth $4,964,000 after purchasing an additional 91,292 shares during the last quarter. 64.21% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, EVP Patrice Perche sold 8,923 shares of Fortinet stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $75.32, for a total transaction of $672,080.36. Following the transaction, the executive vice president now directly owns 25,730 shares in the company, valued at $1,937,983.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Patrice Perche sold 8,923 shares of Fortinet stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $75.32, for a total transaction of $672,080.36. Following the sale, the executive vice president now owns 25,730 shares of the company’s stock, valued at approximately $1,937,983.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 5,050 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $68.23, for a total value of $344,561.50. Following the completion of the transaction, the chief financial officer now owns 4,572 shares of the company’s stock, valued at $311,947.56. The disclosure for this sale can be found here. Insiders have sold 67,163 shares of company stock valued at $4,799,087 in the last ninety days. 17.54% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
FTNT has been the topic of several research analyst reports. Scotiabank increased their price target on shares of Fortinet from $80.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. TD Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $90.00 to $70.00 in a research report on Friday. Wells Fargo & Company upped their price objective on Fortinet from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday. Citigroup lifted their price target on shares of Fortinet from $67.00 to $73.00 in a report on Monday, May 8th. Finally, Morgan Stanley increased their price target on Fortinet from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. Eight equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.03.
Read Our Latest Stock Analysis on FTNT
Fortinet Stock Performance
Shares of FTNT opened at $75.76 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 86.92. The business’s 50 day moving average price is $73.82 and its 200-day moving average price is $65.76. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $81.24. The stock has a market cap of $59.49 billion, a P/E ratio of 62.61, a P/E/G ratio of 3.48 and a beta of 1.16.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its earnings results on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 282.54% and a net margin of 20.46%. The business had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the business posted $0.18 EPS. The company’s revenue was up 25.5% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post 1.19 earnings per share for the current fiscal year.
About Fortinet
Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.
Further Reading
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT – Free Report).
Receive News & Ratings for Fortinet Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Fortinet and related companies with MarketBeat.com’s FREE daily email newsletter.