Woodstock Corp Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Woodstock Corp trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 284,605 shares of the software maker's stock after selling 5,576 shares during the quarter. Fortinet makes up about 2.7% of Woodstock Corp's holdings, making the stock its 6th biggest position. Woodstock Corp's holdings in Fortinet were worth $27,396,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Trilogy Capital Inc. boosted its holdings in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Proficio Capital Partners LLC raised its position in Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after acquiring an additional 544,357 shares in the last quarter. Jackson Wealth Management LLC acquired a new stake in Fortinet in the fourth quarter valued at $4,731,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Fortinet by 34.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker's stock worth $22,680,000 after purchasing an additional 60,249 shares in the last quarter. Finally, Apollon Wealth Management LLC grew its stake in shares of Fortinet by 101.7% during the 4th quarter. Apollon Wealth Management LLC now owns 30,857 shares of the software maker's stock worth $2,915,000 after purchasing an additional 15,561 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. Cantor Fitzgerald reduced their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Robert W. Baird lifted their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Guggenheim restated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Morgan Stanley dropped their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Susquehanna boosted their target price on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $104.80.

Fortinet Trading Down 1.2%

Shares of Fortinet stock traded down $1.26 during trading hours on Wednesday, reaching $101.62. The stock had a trading volume of 3,392,666 shares, compared to its average volume of 4,969,722. The firm has a market capitalization of $77.78 billion, a price-to-earnings ratio of 44.96, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a 50 day simple moving average of $99.77 and a two-hundred day simple moving average of $99.59.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results 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 net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 697,818 shares of company stock valued at $69,539,128. Company insiders own 18.00% of the company's stock.

Fortinet Company 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.