Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by MRP Capital Investments LLC

MRP Capital Investments LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the first quarter, Holdings Channel reports. The firm owned 30,278 shares of the software maker’s stock after selling 300 shares during the quarter. Fortinet comprises approximately 2.7% of MRP Capital Investments LLC’s investment portfolio, making the stock its 7th biggest position. MRP Capital Investments LLC’s holdings in Fortinet were worth $2,915,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Eagle Capital Management LLC lifted its holdings in Fortinet by 0.4% during the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock worth $2,530,000 after purchasing an additional 109 shares during the last quarter. ORG Partners LLC lifted its holdings in Fortinet by 47.5% during the 1st 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. Bogart Wealth LLC lifted its holdings in Fortinet by 37.3% during the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker’s stock worth $40,000 after purchasing an additional 112 shares during the last quarter. Cornerstone Enterprises LLC lifted its holdings in Fortinet by 2.3% during the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker’s stock worth $483,000 after purchasing an additional 115 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after purchasing an additional 116 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Robert W. Baird lifted their price target on Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Roth Capital set a $103.00 price objective on Fortinet and gave the company a “neutral” rating in a report on Tuesday, April 22nd. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating for the company. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, July 12th. Finally, Stephens started coverage on Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price objective for the company. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $106.48.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $104.82 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock’s 50 day moving average is $103.48 and its 200-day moving average is $101.61. The firm has a market capitalization of $80.23 billion, a price-to-earnings ratio of 43.14, a PEG ratio of 3.61 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping 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 return on equity of 148.79% and a net margin of 30.60%. The company’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 earnings per share. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 335 shares of the stock in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president directly owned 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. This 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.

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.