Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,996 shares of the software maker’s stock after selling 2,834 shares during the period. Fortinet comprises 1.7% of Boomfish Wealth Group LLC’s investment portfolio, making the stock its 15th biggest position. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,599,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. Geode Capital Management LLC increased its holdings in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after purchasing an additional 387,901 shares during the period. Invesco Ltd. increased its holdings in Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after purchasing an additional 2,000,888 shares during the period. Norges Bank purchased a new stake in Fortinet during the 4th quarter worth about $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on FTNT. Wells Fargo & Company cut their price target on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. KeyCorp cut their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Morgan Stanley cut their price target on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Finally, UBS Group dropped their price objective on Fortinet from $115.00 to $105.00 and set a “neutral” 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 issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Stock Up 1.1%

FTNT opened at $101.95 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a 50 day simple moving average of $101.66 and a 200-day simple moving average of $100.19. The stock has a market capitalization of $78.03 billion, a P/E ratio of 45.11, 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 posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.43 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

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.