Optimist Retirement Group LLC Sells 281 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Optimist Retirement Group LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 4,624 shares of the software maker’s stock after selling 281 shares during the quarter. Optimist Retirement Group LLC’s holdings in Fortinet were worth $445,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky grew its holdings in Fortinet by 4.8% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 49,166 shares of the software maker’s stock worth $4,733,000 after buying an additional 2,245 shares in the last quarter. J.W. Cole Advisors Inc. grew its position in Fortinet by 34.6% during the first quarter. J.W. Cole Advisors Inc. now owns 14,581 shares of the software maker’s stock worth $1,404,000 after buying an additional 3,751 shares in the last quarter. Montag A & Associates Inc. increased its holdings in shares of Fortinet by 15.6% in the 1st quarter. Montag A & Associates Inc. now owns 2,907 shares of the software maker’s stock worth $280,000 after buying an additional 392 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Fortinet by 27.6% in the 1st quarter. IFP Advisors Inc now owns 76,325 shares of the software maker’s stock worth $7,347,000 after acquiring an additional 16,493 shares during the last quarter. Finally, AustralianSuper Pty Ltd increased its position in shares of Fortinet by 127.6% in the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock valued at $144,038,000 after acquiring an additional 839,028 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $105.42 on Friday. The stock’s 50 day moving average is $103.30 and its 200-day moving average is $101.30. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market capitalization of $80.69 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 3.64 and a beta of 1.06. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) 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 company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 335 shares of the business’s stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director owned 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,488 shares of the 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. Scotiabank dropped their price target on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 8th. KeyCorp reduced their price objective on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. UBS Group decreased their target price on Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada cut their price objective on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a report on Thursday, May 8th. Finally, Stifel Nicolaus reduced their price target on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $106.48.

About Fortinet

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.