Trifecta Capital Advisors LLC Has $142,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Trifecta Capital Advisors LLC lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 48.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,476 shares of the software maker’s stock after selling 1,400 shares during the period. Trifecta Capital Advisors LLC’s holdings in Fortinet were worth $142,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FTNT. SJS Investment Consulting Inc. raised its holdings in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet during the 4th quarter worth $27,000. Oarsman Capital Inc. increased its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet in the 4th quarter worth about $43,000. Finally, Banque Transatlantique SA acquired a new position in Fortinet in the 4th quarter worth about $43,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FTNT shares. Cantor Fitzgerald lowered their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Stephens started coverage on Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price for the company. UBS Group lowered their target price on Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Finally, Wolfe Research assumed coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.80.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 335 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now owns 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Stock Down 2.0%

Shares of Fortinet stock opened at $100.82 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The stock’s 50-day moving average is $101.82 and its 200 day moving average is $100.25. The firm has a market cap of $77.17 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 3.48 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its 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. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company earned $0.43 EPS. The firm’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.