Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 121,647 shares of the software maker's stock after selling 13,033 shares during the period. Janney Montgomery Scott LLC's holdings in Fortinet were worth $11,710,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Warther Private Wealth LLC raised its position in shares of Fortinet by 20.4% in the 1st quarter. Warther Private Wealth LLC now owns 130,410 shares of the software maker's stock worth $12,553,000 after buying an additional 22,110 shares during the period. D Orazio & Associates Inc. increased its stake in Fortinet by 4.6% during the first quarter. D Orazio & Associates Inc. now owns 3,129 shares of the software maker's stock worth $301,000 after acquiring an additional 137 shares during the last quarter. Brighton Jones LLC raised its holdings in shares of Fortinet by 17.7% in the 1st quarter. Brighton Jones LLC now owns 12,152 shares of the software maker's stock worth $1,170,000 after purchasing an additional 1,825 shares during the period. ORBA Wealth Advisors L.L.C. raised its holdings in shares of Fortinet by 3.0% in the 1st quarter. ORBA Wealth Advisors L.L.C. now owns 20,080 shares of the software maker's stock worth $1,933,000 after purchasing an additional 577 shares during the period. Finally, Foster Victor Wealth Advisors LLC lifted its stake in shares of Fortinet by 0.4% in the 1st quarter. Foster Victor Wealth Advisors LLC now owns 82,198 shares of the software maker's stock valued at $8,033,000 after purchasing an additional 347 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FTNT shares. Rosenblatt Securities reissued a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Tuesday. Cantor Fitzgerald dropped their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. BMO Capital Markets cut their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus decreased their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Finally, Robert W. Baird increased their price target on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Stock Performance

Fortinet stock traded down $0.97 during mid-day trading on Friday, reaching $99.85. The company's stock had a trading volume of 6,943,980 shares, compared to its average volume of 4,945,178. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business has a 50 day moving average price of $101.86 and a 200-day moving average price of $100.28. The firm has a market cap of $76.43 billion, a price-to-earnings ratio of 41.09, a PEG ratio of 3.48 and a beta of 1.06.

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 analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm posted $0.43 EPS. The company's revenue for the quarter was up 13.8% on a year-over-year basis. Sell-side analysts predict 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.