Exchange Traded Concepts LLC Sells 17,519 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Exchange Traded Concepts LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 70.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,192 shares of the software maker's stock after selling 17,519 shares during the period. Exchange Traded Concepts LLC's holdings in Fortinet were worth $692,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Eagle Capital Management LLC increased its holdings in Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after purchasing an additional 404 shares during the period. Brighton Jones LLC grew its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the period. Allworth Financial LP raised its position in shares of Fortinet by 6.0% in the 4th quarter. Allworth Financial LP now owns 5,837 shares of the software maker's stock worth $573,000 after acquiring an additional 329 shares in the last quarter. Truist Financial Corp raised its position in shares of Fortinet by 17.5% in the 4th quarter. Truist Financial Corp now owns 46,429 shares of the software maker's stock worth $4,387,000 after acquiring an additional 6,914 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after acquiring an additional 163 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $0.97 during midday trading on Friday, reaching $99.85. The company's stock had a trading volume of 6,943,980 shares, compared to its average volume of 4,897,621. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a 50 day moving average price of $101.86 and a 200-day moving average price of $100.29. The stock has a market capitalization of $76.43 billion, a P/E ratio of 41.09, a PEG ratio of 3.44 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In other news, Director William H. Neukom acquired 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were acquired 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 owns 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 purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Stephens initiated coverage on Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. Morgan Stanley lowered their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Wolfe Research initiated coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. Royal Bank Of Canada lowered their price objective on 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, Wells Fargo & Company lowered their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" 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 issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $104.80.

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.