Hillsdale Investment Management Inc. Sells 1,000 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hillsdale Investment Management Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,500 shares of the software maker’s stock after selling 1,000 shares during the period. Hillsdale Investment Management Inc.’s holdings in Fortinet were worth $439,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Headinvest LLC purchased a new stake in shares of Fortinet during the third quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter worth approximately $29,000. American National Bank boosted its holdings in Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after acquiring an additional 488 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Fortinet during the 3rd quarter valued at $37,000. Finally, Rakuten Securities Inc. bought a new position in Fortinet in the 4th quarter worth $43,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 1.7 %

Shares of NASDAQ FTNT opened at $61.31 on Wednesday. The stock has a market capitalization of $46.84 billion, a P/E ratio of 40.07, a PEG ratio of 2.58 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The business’s 50 day moving average is $65.03 and its two-hundred day moving average is $62.28. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 1.46 EPS for the current year.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. BMO Capital Markets reduced their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, May 3rd. JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Susquehanna decreased their target price on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Finally, Morgan Stanley lowered their price objective on Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $70.37.

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,396 shares of company stock valued at $4,838,534. 18.00% of the stock is currently owned by insiders.

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.