Cwm LLC Has $1.46 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Cwm LLC reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,968 shares of the software maker’s stock after selling 829 shares during the period. Cwm LLC’s holdings in Fortinet were worth $1,461,000 at the end of the most recent reporting period.

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

Fortinet Stock Performance

Shares of Fortinet stock opened at $64.18 on Friday. The company has a 50 day moving average of $67.96 and a 200-day moving average of $61.75. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a market cap of $48.97 billion, a PE ratio of 44.26, a price-to-earnings-growth ratio of 2.91 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Ken Xie sold 23,992 shares of the company’s 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 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 is available through the SEC website. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 in the last three months. 17.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Mizuho boosted their price objective on shares of Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Morgan Stanley boosted their price objective on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Tuesday, February 13th. Cantor Fitzgerald restated a “neutral” rating and set a $65.00 price objective on shares of Fortinet in a research note on Wednesday, April 17th. Finally, HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $72.19.

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.