Kintegral Advisory LLC Sells 4,481 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Kintegral Advisory LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 32.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 9,139 shares of the software maker's stock after selling 4,481 shares during the period. Kintegral Advisory LLC's holdings in Fortinet were worth $880,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Proficio Capital Partners LLC raised its stake in Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after buying an additional 544,357 shares during the last quarter. Ritholtz Wealth Management raised its position in shares of Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in shares of Fortinet in the 1st quarter worth about $216,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after purchasing an additional 38,080 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after buying an additional 16,139 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Wolfe Research started coverage on Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating for the company. Jefferies Financial Group decreased their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Finally, Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $105.62.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.99 during midday trading on Monday, reaching $106.65. The stock had a trading volume of 4,762,165 shares, compared to its average volume of 4,864,274. The stock has a 50-day moving average of $103.31 and a 200-day moving average of $100.84. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The company has a market capitalization of $81.63 billion, a price-to-earnings ratio of 43.89, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

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

Insider Buying and Selling

In related news, Director William H. Neukom acquired 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction 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 directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

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.