GTS Securities LLC Sells 27,242 Shares of Fortinet, Inc. (NASDAQ:FTNT)

GTS Securities LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 80.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,742 shares of the software maker's stock after selling 27,242 shares during the period. GTS Securities LLC's holdings in Fortinet were worth $637,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Trilogy Capital Inc. increased its stake in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Milestone Asset Management LLC acquired a new stake in Fortinet in the fourth quarter worth $1,690,000. Proficio Capital Partners LLC increased its stake in Fortinet by 18,353.2% in the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock valued at $547,000 after purchasing an additional 544,357 shares in the last quarter. Jackson Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter valued at about $4,731,000. Finally, YHB Investment Advisors Inc. boosted its position in shares of Fortinet by 5.0% during the 4th quarter. YHB Investment Advisors Inc. now owns 65,797 shares of the software maker's stock worth $6,217,000 after purchasing an additional 3,149 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on FTNT. Royal Bank of Canada dropped their price target 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 upped their target price on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. BMO Capital Markets reduced their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Scotiabank decreased their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. Finally, Roth Capital set a $103.00 price objective on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $104.80.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction 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. The trade was a 2.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom bought 328 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 697,818 shares of company stock valued at $69,539,128 over the last ninety days. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.3%

FTNT stock traded down $0.26 on Friday, reaching $101.78. 16,617,933 shares of the company traded hands, compared to its average volume of 5,021,253. The firm has a fifty day simple moving average of $99.68 and a 200-day simple moving average of $99.45. The company has a market cap of $77.90 billion, a P/E ratio of 45.04, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. 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 (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, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. During the same quarter in the previous year, the firm earned $0.43 EPS. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.