Cresset Asset Management LLC Sells 46,427 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cresset Asset Management LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 65.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,678 shares of the software maker's stock after selling 46,427 shares during the quarter. Cresset Asset Management LLC's holdings in Fortinet were worth $2,332,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brevan Howard Capital Management LP grew its holdings in Fortinet by 418.5% during the fourth quarter. Brevan Howard Capital Management LP now owns 86,612 shares of the software maker's stock worth $8,183,000 after buying an additional 69,907 shares in the last quarter. Captrust Financial Advisors grew its holdings in Fortinet by 15.3% during the fourth quarter. Captrust Financial Advisors now owns 57,759 shares of the software maker's stock worth $5,457,000 after buying an additional 7,663 shares in the last quarter. Cary Street Partners Financial LLC bought a new stake in Fortinet during the fourth quarter worth $306,000. Caxton Associates LP grew its holdings in Fortinet by 575.7% during the fourth quarter. Caxton Associates LP now owns 18,664 shares of the software maker's stock worth $1,763,000 after buying an additional 15,902 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in Fortinet by 112.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 24,799 shares of the software maker's stock worth $2,343,000 after buying an additional 216,537 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. Susquehanna upped their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Scotiabank lowered their price target on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. Stifel Nicolaus reduced their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. Finally, Rosenblatt Securities increased their price objective on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Stock Down 0.4%

Shares of FTNT traded down $0.41 on Thursday, reaching $102.82. The stock had a trading volume of 1,800,522 shares, compared to its average volume of 4,946,201. The firm has a market capitalization of $78.70 billion, a price-to-earnings ratio of 45.50, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50-day simple moving average of $98.27 and a 200-day simple moving average of $97.83. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This trade represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 738,978 shares of company stock valued at $74,135,907. Insiders own 17.20% of the company's stock.

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.