Sunbelt Securities Inc. Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Sunbelt Securities Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 13,892 shares of the software maker’s stock after selling 842 shares during the period. Sunbelt Securities Inc.’s holdings in Fortinet were worth $1,322,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Manchester Capital Management LLC grew its stake in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares during the period. Fielder Capital Group LLC boosted its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in shares of Fortinet by 1.4% in the fourth 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% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. Finally, Evergreen Capital Management LLC lifted its stake in shares of Fortinet by 2.0% during 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. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William H. Neukom bought 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction that occurred on 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 transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 715,478 shares of company stock valued at $71,467,247. Corporate insiders own 17.20% of the company’s stock.

Fortinet Price Performance

FTNT opened at $103.16 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $78.96 billion, a P/E ratio of 45.65, a PEG ratio of 4.19 and a beta of 1.16. The stock has a 50-day moving average price of $99.29 and a 200-day moving average price of $99.03. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

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

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. Stephens initiated coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective for the company. BMO Capital Markets reduced their price target on Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a research report on Thursday, May 8th. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. Wall Street Zen upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Jefferies Financial Group decreased their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $104.80.

Fortinet 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.