Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 190,797 shares of the software maker's stock after selling 16,590 shares during the quarter. First Horizon Advisors Inc.'s holdings in Fortinet were worth $18,366,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in shares of Fortinet during the fourth quarter worth about $724,048,000. Schroder Investment Management Group bought a new stake in shares of Fortinet during the 4th quarter worth $389,867,000. FMR LLC boosted its position in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after buying an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. boosted its position in Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president directly owned 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 ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FTNT. Wells Fargo & Company dropped their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley decreased their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. BMO Capital Markets cut their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada lowered their price objective 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, Stifel Nicolaus lowered their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average target price of $105.62.

Fortinet Price Performance

NASDAQ:FTNT traded up $3.06 during trading hours on Thursday, reaching $105.27. 2,864,114 shares of the company were exchanged, compared to its average volume of 4,857,707. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock's 50-day moving average is $103.07 and its 200-day moving average is $100.58. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The firm has a market cap of $80.57 billion, a PE ratio of 43.32, a price-to-earnings-growth ratio of 3.52 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its 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. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The firm's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.43 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.