SG Americas Securities LLC Has $10.22 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

SG Americas Securities LLC lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,211 shares of the software maker's stock after selling 43,621 shares during the period. SG Americas Securities LLC's holdings in Fortinet were worth $10,224,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. SJS Investment Consulting Inc. lifted its holdings in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after buying an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. lifted its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $43,000. Finally, Banque Transatlantique SA bought a new stake in shares of Fortinet in the 4th quarter worth approximately $43,000. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group cut their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Cantor Fitzgerald cut their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Wolfe Research assumed coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Finally, Roth Capital set a $103.00 price target on Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $104.80.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $0.83 during mid-day trading on Friday, reaching $100.83. The company had a trading volume of 3,422,968 shares, compared to its average volume of 4,965,995. 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 stock has a market cap of $77.18 billion, a PE ratio of 44.62, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a 50-day moving average price of $101.38 and a two-hundred day moving average price of $100.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

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, topping analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction on 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 now directly owns 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 position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet 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.