Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Gradient Investments LLC

Gradient Investments LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,270 shares of the software maker's stock after selling 3,458 shares during the quarter. Gradient Investments LLC's holdings in Fortinet were worth $2,529,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FTNT. Norges Bank purchased a new position in shares of Fortinet during the fourth quarter worth about $724,048,000. Schroder Investment Management Group purchased a new position in shares of Fortinet during the fourth quarter worth about $389,867,000. FMR LLC grew its holdings in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after buying an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. lifted its position in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 1.2%

FTNT stock traded down $1.26 during midday trading on Wednesday, hitting $101.62. The stock had a trading volume of 3,392,828 shares, compared to its average volume of 4,969,723. The firm has a market cap 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. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company's 50-day moving average price is $99.77 and its 200 day moving average price is $99.59.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the company earned $0.43 EPS. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on FTNT shares. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Morgan Stanley reduced their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Finally, KeyCorp reduced their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $104.80.

Insider Activity

In related news, Director William H. Neukom acquired 328 shares of the stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 206,000 shares of the business'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 sale, the chief executive officer now directly owns 51,391,879 shares of the company's stock, 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. Insiders sold 697,818 shares of company stock valued at $69,539,128 in the last ninety days. Company insiders own 18.00% of the company's stock.

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.