Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Buckhead Capital Management LLC

Buckhead Capital Management LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 19.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,737 shares of the software maker's stock after selling 9,784 shares during the period. Buckhead Capital Management LLC's holdings in Fortinet were worth $3,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $724,048,000. Schroder Investment Management Group acquired a new position in Fortinet in the 4th quarter valued at $389,867,000. FMR LLC raised its holdings in Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after buying an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. grew its stake in shares of Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after buying an additional 2,064,016 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was 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 insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. UBS Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Scotiabank reduced their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Stifel Nicolaus dropped their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. Finally, DZ Bank upgraded 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 given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $106.48.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.50 during mid-day trading on Friday, reaching $105.42. 3,639,808 shares of the company's stock were exchanged, compared to its average volume of 4,845,046. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market capitalization of $80.69 billion, a PE ratio of 43.38, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The business's fifty day simple moving average is $103.30 and its two-hundred day simple moving average is $101.30.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm posted $0.43 EPS. The firm's revenue was up 13.8% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.