Stratos Wealth Advisors LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Stratos Wealth Advisors LLC reduced its stake 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 (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after buying an additional 730,994 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after purchasing an additional 387,901 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after purchasing an additional 2,000,888 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet in the fourth quarter valued at $724,048,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of Fortinet 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 owned 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 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 disclosure for this purchase can be found here. 18.00% of the stock is owned by insiders.

Fortinet Stock Up 0.1%

Shares of Fortinet stock traded up $0.11 during trading on Wednesday, hitting $107.65. 4,441,429 shares of the stock traded hands, compared to its average volume of 4,864,356. The firm has a market cap of $82.40 billion, a P/E ratio of 44.30, a price-to-earnings-growth ratio of 3.68 and a beta of 1.06. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock's fifty day simple moving average is $103.37 and its 200 day simple moving average is $100.89.

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wells Fargo & Company cut their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Rosenblatt Securities reissued a "buy" rating and issued a $125.00 target price on shares of Fortinet in a report on Tuesday, June 17th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. Finally, Wolfe Research initiated coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock 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.