Sunbelt Securities Inc. Sells 982 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sunbelt Securities Inc. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,910 shares of the software maker’s stock after selling 982 shares during the quarter. Sunbelt Securities Inc.’s holdings in Fortinet were worth $1,243,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Vanguard Group Inc. lifted its stake in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after buying an additional 730,994 shares during the period. Geode Capital Management LLC increased its stake in shares of Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after acquiring an additional 387,901 shares during the last quarter. Invesco Ltd. raised its position in shares of Fortinet by 31.3% in the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock valued at $792,564,000 after acquiring an additional 2,000,888 shares during the period. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $724,048,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake 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 acquiring an additional 2,151,811 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 335 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were acquired 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 owns 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $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. Company insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Stifel Nicolaus lowered their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. UBS Group lowered their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Stephens started coverage on Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective on the stock. Cantor Fitzgerald reduced their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $125.00 price target on shares of Fortinet in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $105.62.

Fortinet Trading Down 0.7%

Fortinet stock opened at $103.11 on Friday. The company has a market cap of $78.92 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 3.58 and a beta of 1.06. The firm has a 50-day moving average of $102.54 and a 200-day moving average of $100.47. 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, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (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 for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company posted $0.43 earnings per share. Fortinet’s revenue was up 13.8% on a year-over-year basis. On average, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.