Invesco LLC Sells 6,539 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Invesco LLC reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 51.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,070 shares of the software maker's stock after selling 6,539 shares during the period. Invesco LLC's holdings in Fortinet were worth $584,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Eagle Capital Management LLC increased its position in shares of Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the last quarter. Brighton Jones LLC increased its holdings in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after buying an additional 221 shares during the last quarter. Truist Financial Corp raised its position in shares of Fortinet by 17.5% during the 4th quarter. Truist Financial Corp now owns 46,429 shares of the software maker's stock valued at $4,387,000 after buying an additional 6,914 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after acquiring an additional 163 shares during the last quarter. Finally, Global Retirement Partners LLC grew its position in Fortinet by 35.7% in the fourth quarter. Global Retirement Partners LLC now owns 3,807 shares of the software maker's stock worth $360,000 after acquiring an additional 1,002 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom acquired 335 shares of the stock in a transaction on Friday, June 6th. The shares were bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director now directly owns 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 18.00% of the company's stock.

Fortinet Stock Down 0.7%

Fortinet stock traded down $0.73 during trading hours on Wednesday, hitting $103.69. 2,791,906 shares of the stock traded hands, compared to its average volume of 4,885,323. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm's 50-day moving average price is $102.10 and its two-hundred day moving average price is $100.36. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market cap of $79.37 billion, a PE ratio of 42.67, a PEG ratio of 3.56 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.43 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research reports. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Morgan Stanley decreased their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Roth Capital set a $103.00 target price on Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. Rosenblatt Securities reiterated a "buy" rating and set a $125.00 price target on shares of Fortinet in a research report on Tuesday, June 17th. Finally, KeyCorp lowered their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $104.80.

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.