Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Stratos Wealth Advisors LLC

Stratos Wealth Advisors LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,596 shares of the software maker's stock after selling 4,237 shares during the period. Stratos Wealth Advisors LLC's holdings in Fortinet were worth $1,886,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. boosted its position 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 buying an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the fourth quarter valued at approximately $27,000. ORG Partners LLC lifted 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 during the period. EQ Wealth Advisors LLC acquired a new position in Fortinet in the first quarter valued at approximately $35,000. Finally, Wayfinding Financial LLC acquired a new position in Fortinet in the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the 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 transaction, the chief executive officer directly owned 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. Company insiders own 17.20% of the company's stock.

Fortinet Trading Down 6.9%

Shares of NASDAQ FTNT traded down $7.45 during mid-day trading on Thursday, reaching $100.20. 5,964,884 shares of the company's stock were exchanged, compared to its average volume of 4,877,842. The firm has a market capitalization of $76.70 billion, a price-to-earnings ratio of 41.23, a PEG ratio of 3.71 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 52-week low of $54.57 and a 52-week high of $114.82. The company's 50-day moving average is $103.37 and its 200-day moving average is $100.96.

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, topping analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company's revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.43 EPS. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. UBS Group decreased their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Royal Bank Of Canada decreased their price target on Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. 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 reaffirmed a "buy" rating and set a $125.00 target price on shares of Fortinet in a research note on Tuesday, June 17th. Finally, Robert W. Baird upped their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $105.62.

Fortinet Company 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.