DB Fitzpatrick & Co Inc Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

DB Fitzpatrick & Co Inc lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,106 shares of the software maker's stock after selling 4,431 shares during the period. Fortinet comprises about 1.5% of DB Fitzpatrick & Co Inc's portfolio, making the stock its 11th largest position. DB Fitzpatrick & Co Inc's holdings in Fortinet were worth $1,550,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FTNT. State of Alaska Department of Revenue increased its holdings in Fortinet by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 74,551 shares of the software maker's stock worth $7,176,000 after buying an additional 2,020 shares during the last quarter. LifeWealth Investments LLC purchased a new stake in Fortinet during the first quarter worth about $233,000. Clarius Group LLC increased its holdings in Fortinet by 24.1% during the first quarter. Clarius Group LLC now owns 4,244 shares of the software maker's stock worth $409,000 after buying an additional 824 shares during the last quarter. Bell Bank increased its holdings in Fortinet by 25.5% during the first quarter. Bell Bank now owns 11,190 shares of the software maker's stock worth $1,077,000 after buying an additional 2,274 shares during the last quarter. Finally, Chicago Capital LLC increased its holdings in Fortinet by 53.8% during the first quarter. Chicago Capital LLC now owns 5,012 shares of the software maker's stock worth $482,000 after buying an additional 1,753 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Stifel Nicolaus cut their target price 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. Scotiabank cut their target price on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Tuesday. Royal Bank Of Canada cut their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Finally, KeyCorp cut their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $104.80.

Insider Buying and Selling

In other news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director now 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 SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $100.82 on Thursday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market capitalization of $77.17 billion, a P/E ratio of 41.49, a PEG ratio of 3.55 and a beta of 1.06. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $101.73 and a 200-day moving average price of $100.21.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the firm posted $0.43 EPS. The firm's quarterly revenue was up 13.8% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

About Fortinet

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.