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

Fortinet logo with Computer and Technology background

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.

Check Out Our Latest Stock Analysis on FTNT

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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