Trek Financial LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Trek Financial LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 84.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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 reporting period.

A number of other large investors have also added to or reduced their stakes in the company. OMNI 360 Wealth Inc. bought a new stake in Fortinet in the 1st quarter worth $410,000. Personal CFO Solutions LLC grew its holdings in Fortinet by 17.6% in the 1st quarter. Personal CFO Solutions LLC now owns 3,414 shares of the software maker's stock worth $329,000 after acquiring an additional 512 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in Fortinet by 2.2% in the 1st quarter. Valeo Financial Advisors LLC now owns 9,908 shares of the software maker's stock worth $954,000 after acquiring an additional 211 shares during the last quarter. CapWealth Advisors LLC bought a new stake in Fortinet in the 1st quarter worth $6,607,000. Finally, Brown Advisory Inc. grew its holdings in Fortinet by 2.5% in the 1st quarter. Brown Advisory Inc. now owns 106,280 shares of the software maker's stock worth $10,231,000 after acquiring an additional 2,544 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTNT shares. Cantor Fitzgerald cut their target price on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Stephens started coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. UBS Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. BMO Capital Markets cut their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Finally, DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus price target of $105.62.

Fortinet Price Performance

Shares of FTNT traded down $1.14 during mid-day trading 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 cap of $75.82 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 3.42 and a beta of 1.06. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business has a fifty day moving average of $103.23 and a 200 day moving average of $100.99. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company's revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.43 earnings per share. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, 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 position. The disclosure for this purchase can be found here. Company 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.