Access Financial Services Inc. Sells 6,224 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Access Financial Services Inc. lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,768 shares of the software maker's stock after selling 6,224 shares during the period. Fortinet makes up approximately 0.7% of Access Financial Services Inc.'s investment portfolio, making the stock its 25th biggest holding. 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 added to or reduced their stakes in the company. D Orazio & Associates Inc. lifted its stake in Fortinet by 4.6% in the first quarter. D Orazio & Associates Inc. now owns 3,129 shares of the software maker's stock worth $301,000 after purchasing an additional 137 shares during the last quarter. Brighton Jones LLC lifted its stake in Fortinet by 17.7% in the first quarter. Brighton Jones LLC now owns 12,152 shares of the software maker's stock worth $1,170,000 after purchasing an additional 1,825 shares during the last quarter. ORBA Wealth Advisors L.L.C. lifted its stake in Fortinet by 3.0% in the first quarter. ORBA Wealth Advisors L.L.C. now owns 20,080 shares of the software maker's stock worth $1,933,000 after purchasing an additional 577 shares during the last quarter. Foster Victor Wealth Advisors LLC raised its stake in shares of Fortinet by 0.4% during the first quarter. Foster Victor Wealth Advisors LLC now owns 82,198 shares of the software maker's stock valued at $8,033,000 after acquiring an additional 347 shares in the last quarter. Finally, Ritholtz Wealth Management raised its stake in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after acquiring an additional 1,885 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTNT. Royal Bank of Canada decreased their price target on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Morgan Stanley decreased their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target for the company. UBS Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $104.80.

Insider Activity

In related news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction on 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 directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now directly owns 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Price Performance

Shares of FTNT opened at $100.83 on Monday. The firm has a market capitalization of $77.18 billion, a PE ratio of 44.62, 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. The company's fifty day moving average price is $101.38 and its 200-day moving average price is $100.14.

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 for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.43 earnings per share. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.

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