Fortinet, Inc. (NASDAQ:FTNT) Position Lessened by Account Management LLC

Account Management LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,568 shares of the software maker’s stock after selling 2,675 shares during the quarter. Fortinet accounts for about 3.7% of Account Management LLC’s investment portfolio, making the stock its 10th biggest position. Account Management LLC’s holdings in Fortinet were worth $3,077,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. First Trust Direct Indexing L.P. increased its position in shares of Fortinet by 1.6% during the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after acquiring an additional 197 shares during the last quarter. Catalyst Financial Partners LLC increased its holdings in Fortinet by 5.1% in the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock valued at $254,000 after buying an additional 209 shares during the last quarter. Realta Investment Advisors increased its holdings in Fortinet by 6.8% in the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after buying an additional 217 shares during the last quarter. First Foundation Advisors increased its holdings in Fortinet by 0.6% in the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after buying an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC increased its holdings in Fortinet by 7.0% in the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock valued at $201,000 after buying an additional 224 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.2 %

NASDAQ FTNT traded up $0.15 during trading on Friday, reaching $64.18. 4,138,352 shares of the company’s stock were exchanged, compared to its average volume of 4,170,089. The firm has a market capitalization of $48.97 billion, a PE ratio of 44.26, a P/E/G ratio of 2.85 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company’s fifty day simple moving average is $67.96 and its 200-day simple moving average is $61.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. Sell-side analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on FTNT shares. Susquehanna reissued a “neutral” rating and issued a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Truist Financial boosted their price objective on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Royal Bank of Canada boosted their price objective on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Jefferies Financial Group lowered their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $72.19.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is currently owned by insiders.

Fortinet Company 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.