Jacksonville Wealth Management LLC Sells 232 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Jacksonville Wealth Management LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,209 shares of the software maker’s stock after selling 232 shares during the period. Fortinet makes up 1.1% of Jacksonville Wealth Management LLC’s portfolio, making the stock its 22nd largest position. Jacksonville Wealth Management LLC’s holdings in Fortinet were worth $1,079,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. raised its stake in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet during the fourth quarter valued at about $27,000. Oarsman Capital Inc. raised its stake in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC bought a new position in shares of Fortinet during the fourth quarter valued at about $43,000. Finally, Banque Transatlantique SA bought a new position in shares of Fortinet during the fourth quarter valued at about $43,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They set a “peer perform” rating for the company. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Scotiabank decreased their target price on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. Stifel Nicolaus cut their price target on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. Finally, Royal Bank of Canada cut their price target 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. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $104.80.

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director now owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction 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. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Stock Down 0.4%

Shares of NASDAQ FTNT opened at $101.66 on Friday. The firm’s 50-day moving average price is $101.13 and its 200-day moving average price is $100.03. 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 $77.81 billion, a price-to-earnings ratio of 44.98, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

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

About Fortinet

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.