Integrated Advisors Network LLC Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

Integrated Advisors Network LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 73,697 shares of the software maker's stock after selling 5,990 shares during the quarter. Integrated Advisors Network LLC's holdings in Fortinet were worth $7,094,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Manchester Capital Management LLC lifted its stake in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after purchasing an additional 100 shares during the period. Fielder Capital Group LLC lifted its stake in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC lifted its stake in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after buying an additional 114 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after buying an additional 116 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its position in shares of Fortinet by 2.0% during the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock worth $590,000 after buying an additional 124 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 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, for a total transaction of $34,913.70. Following the completion of the purchase, the director now owns 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction dated 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 transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Wolfe Research initiated coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. Stifel Nicolaus decreased their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Robert W. Baird upped their price target on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Royal Bank of Canada reduced their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have assigned 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.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $104.80.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.30 during trading on Thursday, reaching $102.32. 873,477 shares of the stock traded hands, compared to its average volume of 4,961,681. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $78.32 billion, a P/E ratio of 45.27, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a 50-day moving average of $100.85 and a 200-day moving average of $99.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating 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 firm's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 EPS. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.