Integrated Advisors Network LLC Reduces Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Integrated Advisors Network LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,697 shares of the software maker’s stock after selling 5,990 shares during the quarter. Integrated Advisors Network LLC’s holdings in Fortinet were worth $7,094,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Manchester Capital Management LLC boosted its holdings 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 valued at $80,000 after acquiring an additional 100 shares during the last quarter. Fielder Capital Group LLC boosted its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings 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 valued at $789,000 after acquiring an additional 114 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings 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 valued at $902,000 after acquiring an additional 116 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its holdings 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 acquiring an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.4%

Fortinet stock opened at $101.63 on Wednesday. The stock has a market cap of $77.79 billion, a P/E ratio of 44.97, a PEG ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm’s 50 day moving average price is $100.51 and its 200-day moving average price is $99.95.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald dropped their price target on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. DZ Bank raised shares of Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Royal Bank of Canada dropped their price objective on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Finally, Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $104.80.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,488 shares of the business’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director now directly owns 301,471 shares of the company’s stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.

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.