Sanibel Captiva Trust Company Inc. Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sanibel Captiva Trust Company Inc. trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 121,523 shares of the software maker's stock after selling 3,877 shares during the quarter. Sanibel Captiva Trust Company Inc.'s holdings in Fortinet were worth $11,698,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Eagle Capital Management LLC lifted its position in shares of Fortinet by 1.6% during 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 stake in 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 period. Golden State Wealth Management LLC bought a new stake in Fortinet during the 4th quarter valued at about $46,000. Apollon Wealth Management LLC boosted its position in Fortinet by 101.7% in the 4th quarter. Apollon Wealth Management LLC now owns 30,857 shares of the software maker's stock valued at $2,915,000 after buying an additional 15,561 shares during the period. Finally, Wilmington Savings Fund Society FSB boosted its position in Fortinet by 79.5% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 6,472 shares of the software maker's stock valued at $611,000 after buying an additional 2,867 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

NASDAQ FTNT traded up $0.39 on Wednesday, hitting $102.02. 4,219,309 shares of the company's stock traded hands, compared to its average volume of 4,977,630. The firm's 50-day moving average price is $100.85 and its two-hundred day moving average price is $99.97. The firm has a market capitalization of $78.09 billion, a PE ratio of 45.14, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Robert W. Baird lifted their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Cantor Fitzgerald dropped their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. BMO Capital Markets decreased their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Finally, Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average 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.