Yousif Capital Management LLC Sells 8,535 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Yousif Capital Management LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,446 shares of the software maker’s stock after selling 8,535 shares during the period. Yousif Capital Management LLC’s holdings in Fortinet were worth $5,704,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. NewSquare Capital LLC bought a new stake in shares of Fortinet during the fourth quarter worth about $59,000. GAMMA Investing LLC bought a new stake in shares of Fortinet during the fourth quarter worth about $508,000. Linden Thomas Advisory Services LLC grew its holdings in shares of Fortinet by 4.8% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 19,750 shares of the software maker’s stock worth $1,156,000 after purchasing an additional 907 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Fortinet by 31.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,059 shares of the software maker’s stock worth $62,000 after purchasing an additional 256 shares during the last quarter. Finally, Masso Torrence Wealth Management Inc. bought a new stake in shares of Fortinet during the fourth quarter worth about $252,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

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 sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’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 value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 38,369 shares of the business’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 completion of 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,139 shares of company stock valued at $8,977,876. Company insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FTNT shares. Jefferies Financial Group reduced their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Mizuho upped their target price on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, February 7th. Truist Financial boosted their price target on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Wells Fargo & Company boosted their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Stifel Nicolaus boosted their price target on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Two investment 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 stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Down 2.2 %

FTNT stock opened at $64.03 on Friday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a fifty day moving average of $68.04 and a 200-day moving average of $61.72. 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 company has a market capitalization of $48.86 billion, a price-to-earnings ratio of 44.16, a PEG ratio of 2.91 and a beta of 1.08.

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