Cambridge Investment Research Advisors Inc. Sells 87,357 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cambridge Investment Research Advisors Inc. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 43.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,556 shares of the software maker's stock after selling 87,357 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Fortinet were worth $10,738,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet during the 4th quarter worth approximately $27,000. ORG Partners LLC raised its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the last quarter. Oarsman Capital Inc. raised its holdings 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 purchasing an additional 272 shares during the last quarter. Finally, Graney & King LLC bought a new position in Fortinet during the 4th quarter worth approximately $43,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

NASDAQ FTNT traded down $0.75 on Friday, hitting $103.11. 5,705,689 shares of the company's stock were exchanged, compared to its average volume of 4,859,876. The firm has a market cap of $78.92 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 3.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm's 50-day moving average price is $102.54 and its two-hundred day moving average price is $100.49. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) 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 return on equity of 148.79% and a net margin of 30.60%. Fortinet's revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented 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. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Morgan Stanley lowered their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. UBS Group lowered their price objective on Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Finally, Wolfe Research assumed coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $105.62.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 335 shares of the 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 $31,419,307.62. This trade represents a 0.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the company'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 sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

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.