Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Assetmark Inc.

Assetmark Inc. lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,740 shares of the software maker’s stock after selling 9,173 shares during the period. Assetmark Inc.’s holdings in Fortinet were worth $8,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in FTNT. Eagle Capital Management LLC boosted its stake 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 period. ORG Partners LLC increased its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares during the period. Bogart Wealth LLC raised its stake in Fortinet by 37.3% during the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker’s stock valued at $40,000 after acquiring an additional 112 shares during the last quarter. Cornerstone Enterprises LLC lifted its position 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 acquiring an additional 115 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its position 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 acquiring an additional 116 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the 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 sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of Fortinet 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 sale, the vice president owned 11,000,068 shares of the company’s stock, valued at approximately $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. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $104.82 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $103.48 and its 200 day moving average price is $101.65. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap 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 released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the business earned $0.43 earnings per share. The company’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FTNT shares. Royal Bank Of Canada dropped their target price on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Barclays set a $110.00 price objective on shares of Fortinet and gave the company an “equal weight” rating in a research note on Monday, July 14th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Saturday, July 12th. Morgan Stanley dropped their price target on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, UBS Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.