Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Mission Wealth Management LP

Mission Wealth Management LP cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,843 shares of the software maker’s stock after selling 399 shares during the quarter. Mission Wealth Management LP’s holdings in Fortinet were worth $370,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. lifted its stake in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC purchased a new stake in Fortinet in the fourth quarter valued at approximately $43,000. Finally, Banque Transatlantique SA purchased a new stake in Fortinet in the fourth quarter valued at approximately $43,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares of the company’s stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on FTNT. Scotiabank cut their price target on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. Roth Capital set a $103.00 price target on Fortinet and gave the stock a “neutral” rating in a research note on Tuesday, April 22nd. Rosenblatt Securities restated a “buy” rating and set a $125.00 price target on shares of Fortinet in a research note on Tuesday. Wells Fargo & Company cut their price target on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Finally, KeyCorp dropped their price objective on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $104.80.

Fortinet Stock Down 2.0%

FTNT opened at $100.82 on Thursday. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The firm has a market cap of $77.17 billion, a P/E ratio of 41.49, a PEG ratio of 3.55 and a beta of 1.06. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business’s fifty day simple moving average is $101.73 and its 200 day simple moving average is $100.21.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 earnings per share. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.