Balboa Wealth Partners Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Balboa Wealth Partners decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 10.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 2,234 shares of the software maker’s stock after selling 248 shares during the period. Balboa Wealth Partners’ holdings in Fortinet were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. raised its stake in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after buying an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the 4th quarter valued at about $27,000. ORG Partners LLC lifted its holdings in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC bought a new position in Fortinet during the first quarter worth about $35,000. Finally, Oarsman Capital Inc. raised its position in shares of Fortinet by 188.9% in the fourth 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 period. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on FTNT shares. Robert W. Baird raised their price objective on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Royal Bank Of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a report on Thursday, May 8th. Stifel Nicolaus reduced their price target on Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research report 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 report on Thursday, May 8th. Finally, BMO Capital Markets reduced their target price on Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $104.80.

Insiders Place Their Bets

In related news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares in the company, valued at $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. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.2%

Shares of FTNT stock opened at $104.42 on Wednesday. The business has a 50-day moving average price of $102.10 and a two-hundred day moving average price of $100.36. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The firm has a market cap of $79.93 billion, a P/E ratio of 42.97, a price-to-earnings-growth ratio of 3.56 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.