Institute for Wealth Management LLC. Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

Institute for Wealth Management LLC. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,678 shares of the software maker’s stock after selling 805 shares during the quarter. Fortinet accounts for about 0.7% of Institute for Wealth Management LLC.’s holdings, making the stock its 22nd largest position. Institute for Wealth Management LLC.’s holdings in Fortinet were worth $5,456,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after purchasing an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter worth about $27,000. Oarsman Capital Inc. grew its position in 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 buying an additional 272 shares during the period. Graney & King LLC purchased a new stake in Fortinet during the fourth quarter worth about $43,000. Finally, Banque Transatlantique SA bought a new stake in Fortinet in the fourth quarter worth about $43,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 2.0%

FTNT opened at $100.82 on Thursday. The firm has a market capitalization of $77.17 billion, a P/E ratio of 41.49, a price-to-earnings-growth ratio of 3.55 and a beta of 1.06. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a fifty day moving average price of $101.73 and a 200-day moving average price of $100.21. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTNT. Stifel Nicolaus dropped their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Scotiabank dropped their price objective on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 8th. UBS Group reduced their price objective on Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. KeyCorp decreased their target price on Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Finally, Wolfe Research began coverage on Fortinet in a research report on Monday, May 12th. They set a “peer perform” rating on the stock. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.80.

Insider Transactions at Fortinet

In other news, 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 transaction 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. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by 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.