First Trust Direct Indexing L.P. Has $781,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

First Trust Direct Indexing L.P. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,346 shares of the software maker’s stock after purchasing an additional 603 shares during the period. First Trust Direct Indexing L.P.’s holdings in Fortinet were worth $781,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Buckhead Capital Management LLC raised its stake in shares of Fortinet by 0.6% in the fourth quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after acquiring an additional 187 shares during the last quarter. Catalyst Financial Partners LLC lifted its holdings in 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 buying an additional 209 shares in the last quarter. Realta Investment Advisors boosted its position in Fortinet by 6.8% in the 4th 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 stake in shares of Fortinet by 0.6% in the 3rd 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 period. Finally, Syntax Advisors LLC raised its position in shares of Fortinet by 7.0% during the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock worth $201,000 after acquiring an additional 224 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, 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. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 in the last three months. Insiders own 17.54% of the company’s stock.

Fortinet Stock Down 9.7 %

Shares of Fortinet stock opened at $58.88 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s 50 day simple moving average is $67.53 and its 200 day simple moving average is $61.90. The firm has a market cap of $44.94 billion, a PE ratio of 38.48, a P/E/G ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm posted $0.29 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FTNT. JPMorgan Chase & Co. decreased their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday. DZ Bank cut shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a research report on Thursday, February 8th. HSBC cut their price objective on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday. Truist Financial lowered their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a report on Friday. Finally, UBS Group increased their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.68.

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.