Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 337,878 shares of the software maker's stock after selling 8,438 shares during the period. Fortinet makes up about 2.2% of Meritage Portfolio Management's investment portfolio, making the stock its 6th largest position. Meritage Portfolio Management's holdings in Fortinet were worth $32,524,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. increased its position in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $27,000. ORG Partners LLC increased its position in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the period. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet during the first quarter valued at approximately $35,000. Finally, Rossby Financial LCC bought a new stake in shares of Fortinet during the first quarter valued at approximately $41,000. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president directly owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. Wall Street Zen cut Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, June 28th. Cantor Fitzgerald decreased their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Robert W. Baird boosted their price target on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research note on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $105.62.

Fortinet Trading Up 3.0%

NASDAQ FTNT traded up $3.06 on Friday, reaching $105.27. The company had a trading volume of 2,864,114 shares, compared to its average volume of 4,864,683. The stock's 50 day moving average is $103.23 and its 200-day moving average is $100.74. The stock has a market cap of $80.57 billion, a price-to-earnings ratio of 43.32, a PEG ratio of 3.64 and a beta of 1.06. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

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