Fortinet, Inc. (NASDAQ:FTNT) Position Reduced by Bison Wealth LLC

Bison Wealth LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,330 shares of the software maker’s stock after selling 2,032 shares during the quarter. Bison Wealth LLC’s holdings in Fortinet were worth $605,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Penserra Capital Management LLC boosted its stake in Fortinet by 6.6% during the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after buying an additional 41 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in shares of Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock valued at $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC boosted its stake in shares of Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd boosted its stake in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC boosted its stake in shares of Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock valued at $640,000 after purchasing an additional 66 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,147 shares of company stock valued at $7,424,394. 17.54% of the stock is owned by insiders.

Fortinet Trading Down 0.4 %

NASDAQ:FTNT opened at $64.48 on Wednesday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The business has a 50 day moving average price of $68.83 and a two-hundred day moving average price of $61.48. The company has a market cap of $49.20 billion, a P/E ratio of 44.47, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm posted $0.38 EPS. The business’s revenue was up 10.3% on a year-over-year basis. As a group, analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on FTNT shares. Royal Bank of Canada lifted their price target on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Susquehanna reissued a “neutral” rating and set a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Scotiabank boosted their price objective on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. Finally, HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.35.

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.