Castle Rock Wealth Management LLC Sells 3,373 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Castle Rock Wealth Management LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,108 shares of the software maker's stock after selling 3,373 shares during the quarter. Castle Rock Wealth Management LLC's holdings in Fortinet were worth $877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $43,000. Banque Transatlantique SA bought a new position in shares of Fortinet in the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ:FTNT traded up $1.94 during mid-day trading on Thursday, reaching $103.56. The stock had a trading volume of 1,004,792 shares, compared to its average volume of 4,959,354. The firm has a 50 day moving average price of $99.87 and a two-hundred day moving average price of $99.61. The stock has a market capitalization of $79.27 billion, a P/E ratio of 45.82, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the firm earned $0.43 EPS. The business's quarterly revenue was up 13.8% on a year-over-year basis. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FTNT shares. Scotiabank dropped their target price 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. Rosenblatt Securities upped their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Robert W. Baird upped their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Jefferies Financial Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average target price of $104.80.

Insider Activity

In other news, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 697,818 shares of company stock valued at $69,539,128. Company insiders own 18.00% of the company's stock.

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.