Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Twinbeech Capital LP

Twinbeech Capital LP lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 97.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,728 shares of the software maker's stock after selling 101,128 shares during the quarter. Twinbeech Capital LP's holdings in Fortinet were worth $258,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC grew its holdings in shares of Fortinet by 13.5% during 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 period. Fielder Capital Group LLC lifted its position in 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 in the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after buying an additional 114 shares during the period. CIBC Private Wealth Group LLC increased 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 worth $902,000 after acquiring an additional 116 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its stake in shares of Fortinet by 2.0% in the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after acquiring an additional 124 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $1.58 during mid-day trading on Tuesday, reaching $104.74. The company had a trading volume of 4,249,130 shares, compared to its average volume of 4,976,993. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market capitalization of $80.17 billion, a P/E ratio of 46.35, a P/E/G ratio of 4.19 and a beta of 1.16. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock's 50-day simple moving average is $99.39 and its two-hundred day simple moving average is $99.34.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share 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 firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm posted $0.43 EPS. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on FTNT. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Wolfe Research assumed coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. Roth Capital set a $103.00 target price on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Piper Sandler reissued an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Cantor Fitzgerald lowered their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average target price of $104.80.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $517,076.48. The trade was a 78.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 715,478 shares of company stock worth $71,467,247. 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.