Stratos Wealth Advisors LLC Sells 4,237 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Stratos Wealth Advisors LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,596 shares of the software maker's stock after selling 4,237 shares during the quarter. Stratos Wealth Advisors LLC's holdings in Fortinet were worth $1,886,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SJS Investment Consulting Inc. boosted its position in shares of Fortinet by 703.1% during the 1st 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 during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the 4th quarter valued at about $27,000. ORG Partners LLC raised its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares in the last quarter. EQ Wealth Advisors LLC purchased a new position in shares of Fortinet during the 1st quarter valued at about $35,000. Finally, Wayfinding Financial LLC purchased a new position in shares of Fortinet during the 1st quarter valued at about $36,000. Institutional investors own 83.71% of the company's stock.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction on 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 directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Stock Down 4.0%

Fortinet stock traded down $4.27 during mid-day trading on Thursday, hitting $103.38. The company had a trading volume of 1,646,778 shares, compared to its average volume of 4,851,005. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The stock's 50 day moving average price is $103.45 and its two-hundred day moving average price is $100.94. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market capitalization of $79.13 billion, a PE ratio of 42.55, a price-to-earnings-growth ratio of 3.71 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the company posted $0.43 earnings per share. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research reports. Robert W. Baird raised their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. BMO Capital Markets decreased their price objective on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Wolfe Research initiated coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating on the stock. Wells Fargo & Company decreased their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Finally, Stifel Nicolaus decreased their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $105.62.

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.