one8zero8 LLC Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• one8zero8 LLC has reduced its stake in Fortinet, Inc. (NASDAQ: FTNT) by 5.5%, now owning 220,330 shares valued at approximately $21.2 million.
• Fortinet reported a quarterly earnings per share (EPS) of $0.58, surpassing analyst expectations by $0.05, with revenues of $1.54 billion, indicating a 13.8% year-over-year growth.
• Institutional investors now hold 83.71% of Fortinet's stock, highlighting significant interest from the investment community.

one8zero8 LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 220,330 shares of the software maker's stock after selling 12,785 shares during the quarter. Fortinet accounts for approximately 5.0% of one8zero8 LLC's holdings, making the stock its 3rd biggest holding. one8zero8 LLC's holdings in Fortinet were worth $21,209,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet in the fourth quarter valued at $27,000. ORG Partners LLC boosted its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new stake in Fortinet in the first quarter valued at $35,000. Finally, Mechanics Financial Corp bought a new stake in Fortinet in the first quarter valued at $36,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Royal Bank Of Canada dropped their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. KeyCorp lowered their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Stifel Nicolaus lowered their price target on 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 lifted their price target on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $107.00.

Fortinet Price Performance

FTNT traded up $0.06 during trading on Monday, reaching $104.88. The stock had a trading volume of 2,128,329 shares, compared to its average volume of 3,793,362. The stock has a market cap of $80.28 billion, a PE ratio of 46.79, a PEG ratio of 3.61 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business has a 50-day moving average of $103.48 and a 200-day moving average of $101.72.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 earnings per share. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

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 shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer owned 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 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.