Trek Financial LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Trek Financial LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 84.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,277 shares of the software maker's stock after selling 33,089 shares during the period. Trek Financial LLC's holdings in Fortinet were worth $604,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the fourth quarter worth about $27,000. ORG Partners LLC grew its stake in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet during the first quarter worth about $35,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Fortinet during the first quarter worth about $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction that occurred 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTNT shares. Jefferies Financial Group dropped their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Monday, March 31st. Stifel Nicolaus dropped their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley decreased their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $125.00 price target on shares of Fortinet in a report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $105.62.

Fortinet Trading Up 0.1%

FTNT traded up $0.11 during mid-day trading on Wednesday, hitting $107.65. 4,441,429 shares of the stock were exchanged, compared to its average volume of 4,864,356. The firm's fifty day moving average is $103.37 and its two-hundred day moving average is $100.89. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The company has a market cap of $82.40 billion, a PE ratio of 44.30, a PEG ratio of 3.68 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results 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 148.79% and a net margin of 30.60%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company earned $0.43 EPS. Fortinet's revenue was up 13.8% on a year-over-year basis. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.