Twinbeech Capital LP Sells 101,128 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Twinbeech Capital LP reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 97.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,728 shares of the software maker's stock after selling 101,128 shares during the period. Twinbeech Capital LP's holdings in Fortinet were worth $258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. raised its holdings in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in Fortinet during the fourth quarter worth about $43,000. Banque Transatlantique SA bought a new stake in Fortinet during the fourth quarter worth about $43,000. Finally, Golden State Wealth Management LLC bought a new stake in Fortinet during the fourth quarter worth about $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 206,000 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 697,818 shares of company stock worth $69,539,128 over the last three months. Company insiders own 17.20% of the company's stock.

Fortinet Stock Down 3.0%

NASDAQ:FTNT traded down $3.14 during trading hours on Thursday, hitting $101.37. The stock had a trading volume of 1,556,354 shares, compared to its average volume of 4,959,357. The company has a market cap of $77.59 billion, a PE ratio of 44.86, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a 50 day simple moving average of $99.63 and a two-hundred day simple moving average of $99.41. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the company earned $0.43 EPS. The firm's revenue was up 13.8% on a year-over-year basis. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on FTNT shares. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. Stephens assumed coverage on Fortinet in a research note on Tuesday, April 1st. They issued 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. Roth Capital set a $103.00 price objective on Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. Finally, The Goldman Sachs Group raised their target price on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $104.80.

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.