Tidal Investments LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Tidal Investments LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,611 shares of the software maker's stock after selling 28,615 shares during the period. Tidal Investments LLC's holdings in Fortinet were worth $9,884,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC increased its position in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fielder Capital Group LLC increased its position in shares of Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its position in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after purchasing an additional 114 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after purchasing an additional 116 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its position in shares of Fortinet by 2.0% during the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after buying an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FTNT shares. Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Morgan Stanley lowered their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird boosted their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Finally, StockNews.com lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $104.80.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $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 accessible through this link. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is owned by insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $104.75 on Tuesday. The company's fifty day moving average is $98.67 and its two-hundred day moving average is $98.61. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market cap of $80.18 billion, a P/E ratio of 46.35, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company 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 business earned $0.43 EPS. The company's 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.

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.

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