Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Access Financial Services Inc.

Access Financial Services Inc. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,768 shares of the software maker's stock after selling 6,224 shares during the period. Fortinet comprises approximately 0.7% of Access Financial Services Inc.'s portfolio, making the stock its 25th largest position. Access Financial Services Inc.'s holdings in Fortinet were worth $1,710,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. SJS Investment Consulting Inc. raised its holdings in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the 4th quarter valued at $27,000. Oarsman Capital Inc. raised its stake in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC purchased a new stake in Fortinet in the fourth quarter valued at $43,000. Finally, Banque Transatlantique SA acquired a new position in Fortinet in the fourth quarter valued at $43,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at $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. Insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Tuesday. BMO Capital Markets cut their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company decreased their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. Finally, Wolfe Research assumed coverage on shares of Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Price Performance

Shares of FTNT stock traded up $2.37 during midday trading on Tuesday, reaching $104.32. 1,223,162 shares of the company traded hands, compared to its average volume of 4,952,605. The firm's 50 day simple moving average is $101.66 and its two-hundred day simple moving average is $100.19. The firm has a market cap of $79.85 billion, a PE ratio of 46.12, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (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 analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 earnings per share. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.