Sheets Smith Wealth Management Sells 1,660 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sheets Smith Wealth Management lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 15.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,920 shares of the software maker’s stock after selling 1,660 shares during the quarter. Sheets Smith Wealth Management’s holdings in Fortinet were worth $859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. lifted 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 acquiring an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the fourth quarter valued at approximately $27,000. ORG Partners LLC lifted its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at $35,000. Finally, Oarsman Capital Inc. increased its stake in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $103.15 on Tuesday. The stock’s 50 day moving average price is $101.99 and its two-hundred day moving average price is $100.33. The stock has a market capitalization of $78.95 billion, a price-to-earnings ratio of 42.45, a PEG ratio of 3.44 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

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

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was 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 directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom acquired 335 shares of the business’s stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Jefferies Financial Group reduced their price objective on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. BMO Capital Markets reduced their price target on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company decreased their price target on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. Scotiabank dropped their price objective 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. Finally, Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 target price on the stock. One investment 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. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $104.80.

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.