Tobam Sells 6,085 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Tobam trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,560 shares of the software maker's stock after selling 6,085 shares during the quarter. Tobam's holdings in Fortinet were worth $2,557,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Manchester Capital Management LLC lifted its holdings in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Eagle Capital Management LLC raised its position in shares of Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares during the last quarter. Fielder Capital Group LLC lifted its stake in shares of Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its holdings in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after acquiring an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FTNT shares. Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Scotiabank dropped their price target on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. Stephens assumed coverage on Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target for the company. Morgan Stanley dropped their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company dropped their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Price Performance

Shares of FTNT traded down $0.83 on Friday, hitting $100.83. The company's stock had a trading volume of 3,422,968 shares, compared to its average volume of 4,973,035. The company has a market capitalization of $77.18 billion, a PE ratio of 44.62, a PEG ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a 50 day moving average price of $101.38 and a 200 day moving average price of $100.14.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 EPS. The business's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling 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 owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

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.