AXS Investments LLC Sells 2,735 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• AXS Investments LLC reduced its stake in Fortinet, Inc. by 11.6%, selling 2,735 shares and holding 20,875 shares valued at approximately $2,009,000 as of the latest reporting period.
• Institutional investors collectively own 83.71% of Fortinet's stock, with Vanguard Group and Goldman Sachs among those increasing their positions in the company during the same quarter.
• Fortinet reported $1.54 billion in revenue and earnings per share of $0.58 for the last quarter, exceeding analysts' estimates and showing a year-over-year revenue growth of 13.8%.

AXS Investments LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,875 shares of the software maker's stock after selling 2,735 shares during the quarter. AXS Investments LLC's holdings in Fortinet were worth $2,009,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Eagle Capital Management LLC boosted its position in shares of Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after buying an additional 404 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after buying an additional 221 shares during the last quarter. World Investment Advisors purchased a new stake in shares of Fortinet during the fourth quarter valued at $294,000. Envestnet Asset Management Inc. boosted its position in shares of Fortinet by 9.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 646,736 shares of the software maker's stock valued at $61,104,000 after buying an additional 57,422 shares during the last quarter. Finally, Waterloo Capital L.P. purchased a new stake in shares of Fortinet during the fourth quarter valued at $253,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

FTNT traded down $0.91 on Friday, hitting $74.39. 17,001,530 shares of the company's stock traded hands, compared to its average volume of 6,194,551. The company's 50 day simple moving average is $101.76 and its 200-day simple moving average is $101.60. The firm has a market cap of $56.94 billion, a price-to-earnings ratio of 29.64, a P/E/G ratio of 2.59 and a beta of 1.07. Fortinet, Inc. has a one year low of $67.97 and a one year high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.29 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%. The firm's quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. UBS Group dropped their target price on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday. Wedbush dropped their target price on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Thursday. TD Cowen reissued a "hold" rating and issued a $105.00 target price on shares of Fortinet in a research report on Thursday. Finally, Wolfe Research assumed coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating on the stock. Two research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $97.93.

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.