Trek Financial LLC Sells 33,089 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Trek Financial LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 84.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,277 shares of the software maker's stock after selling 33,089 shares during the quarter. Trek Financial LLC's holdings in Fortinet were worth $604,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FTNT. SJS Investment Consulting Inc. raised its holdings in shares of Fortinet by 703.1% during the first 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 in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet in the fourth quarter worth $27,000. ORG Partners LLC raised its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new position in Fortinet in the first quarter worth $35,000. Finally, Wayfinding Financial LLC bought a new position in Fortinet in the first quarter worth $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock traded down $4.51 during trading hours on Thursday, reaching $103.15. 1,814,919 shares of the company traded hands, compared to its average volume of 4,857,736. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The company has a market cap of $78.95 billion, a P/E ratio of 42.40, a P/E/G ratio of 3.71 and a beta of 1.06. The firm has a 50-day moving average price of $103.45 and a 200 day moving average price of $100.94.

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

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president directly owned 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 disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of several analyst reports. Rosenblatt Securities restated a "buy" rating and set a $125.00 price target on shares of Fortinet in a report on Tuesday, June 17th. Wolfe Research initiated coverage on Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. UBS Group reduced their price target on Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. KeyCorp reduced their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, Wells Fargo & Company reduced their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price 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.