JGP Wealth Management LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

JGP Wealth Management LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 15.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,609 shares of the software maker's stock after selling 2,480 shares during the quarter. JGP Wealth Management LLC's holdings in Fortinet were worth $1,310,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet in the 4th quarter valued at $27,000. Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC bought a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Banque Transatlantique SA acquired a new position in shares of Fortinet in the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Fortinet in the 4th quarter worth $46,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Down 1.2%

Fortinet stock traded down $1.26 during mid-day trading on Wednesday, reaching $101.62. The stock had a trading volume of 3,374,166 shares, compared to its average volume of 4,969,722. The firm has a market capitalization of $77.78 billion, a PE ratio of 44.96, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock's 50-day simple moving average is $99.77 and its 200-day simple moving average is $99.59. 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 posted its quarterly 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. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm posted $0.43 EPS. Fortinet's revenue was up 13.8% compared to the same quarter last year. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of several analyst reports. Royal Bank of Canada cut their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Susquehanna lifted their target price on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Wells Fargo & Company lowered their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating on the stock. Finally, 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 research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average target price of $104.80.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 697,818 shares of company stock worth $69,539,128 in the last quarter. Insiders own 18.00% of the company's stock.

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.