Boomfish Wealth Group LLC Sells 2,834 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Boomfish Wealth Group LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,996 shares of the software maker's stock after selling 2,834 shares during the quarter. Fortinet comprises 1.7% of Boomfish Wealth Group LLC's portfolio, making the stock its 15th biggest holding. Boomfish Wealth Group LLC's holdings in Fortinet were worth $2,599,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Eagle Capital Management LLC lifted its position in Fortinet by 0.4% during the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after buying an additional 109 shares in the last quarter. Fielder Capital Group LLC raised its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its stake in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after acquiring an additional 114 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after purchasing an additional 116 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its stake in shares of Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after purchasing an additional 124 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. UBS Group dropped their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Robert W. Baird lifted their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Finally, Stifel Nicolaus lowered their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $104.80.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 335 shares of the company's stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director now directly owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares of the company's stock, 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. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Down 1.0%

FTNT stock traded down $0.97 during midday trading on Friday, hitting $99.85. The company's stock had a trading volume of 6,943,971 shares, compared to its average volume of 4,966,939. The company's fifty day moving average price is $101.82 and its 200 day moving average price is $100.25. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a market capitalization of $76.43 billion, a P/E ratio of 41.09, a PEG ratio of 3.48 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating 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 148.79% and a net margin of 30.60%. The business's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Company 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.