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

Stratos Wealth Advisors LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.8% in the 1st quarter, according to its most recent 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 period. Stratos Wealth Advisors LLC's holdings in Fortinet were worth $1,886,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock worth $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fortinet by 2.6% during 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 position in shares of Fortinet by 31.3% during 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 bought a new position in shares of Fortinet in the 4th quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of Fortinet stock traded down $1.14 during trading hours on Friday, reaching $99.06. The stock had a trading volume of 4,128,922 shares, compared to its average volume of 4,878,779. The firm has a market capitalization of $75.82 billion, a PE ratio of 40.77, a PEG ratio of 3.42 and a beta of 1.06. The stock's 50 day moving average is $103.23 and its 200 day moving average is $100.99. 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 twelve month low of $54.57 and a twelve month high of $114.82.

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 analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.43 earnings per share. The company's quarterly revenue was up 13.8% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating for the company. Stephens assumed coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Morgan Stanley reduced their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. UBS Group reduced their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $105.62.

Insider Activity

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm'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 completion of the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director 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. Corporate insiders own 17.20% of the company's stock.

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.