Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Delta Investment Management LLC

Delta Investment Management LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 5,384 shares of the software maker’s stock after selling 156 shares during the period. Delta Investment Management LLC’s holdings in Fortinet were worth $509,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Manchester Capital Management LLC grew its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the last quarter. Fielder Capital Group LLC grew its position in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after purchasing an additional 116 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its stake in Fortinet by 2.0% in the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock valued at $590,000 after buying an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.2%

NASDAQ FTNT opened at $104.75 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The business has a 50 day moving average price of $98.67 and a two-hundred day moving average price of $98.61. The stock has a market cap of $80.18 billion, a PE ratio of 46.35, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business earned $0.43 EPS. The business’s revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This trade represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock worth $74,135,907 in the last 90 days. 17.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. KeyCorp reduced their target price on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Susquehanna raised their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Finally, Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.80.

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.