Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 21.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 568,670 shares of the software maker's stock after selling 154,122 shares during the period. Fortinet accounts for approximately 1.1% of Wedge Capital Management L L P NC's portfolio, making the stock its 17th largest position. Wedge Capital Management L L P NC owned approximately 0.07% of Fortinet worth $54,740,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Park Avenue Securities LLC grew its position in Fortinet by 27.4% during the 1st quarter. Park Avenue Securities LLC now owns 24,057 shares of the software maker's stock worth $2,316,000 after purchasing an additional 5,171 shares during the last quarter. Wedmont Private Capital grew its holdings in shares of Fortinet by 11.1% during the first quarter. Wedmont Private Capital now owns 6,451 shares of the software maker's stock worth $630,000 after buying an additional 642 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Fortinet by 72.8% during the first quarter. UMB Bank n.a. now owns 77,854 shares of the software maker's stock worth $7,494,000 after buying an additional 32,795 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Fortinet in the 1st quarter valued at about $402,000. Finally, Gateway Investment Advisers LLC raised its stake in Fortinet by 10.3% during the 1st quarter. Gateway Investment Advisers LLC now owns 23,903 shares of the software maker's stock valued at $2,301,000 after acquiring an additional 2,227 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In related news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value 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 approximately $1,079,876,675.56. The trade was a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 335 shares of the company's 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 transaction, the director now directly owns 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. In the last three months, insiders sold 490,818 shares of company stock valued at $49,472,228. Company insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FTNT. Wells Fargo & Company dropped their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Wolfe Research began coverage on shares of Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating on the stock. BMO Capital Markets cut their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Stifel Nicolaus lowered their target price on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Finally, Morgan Stanley cut their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One investment 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 stock. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average price target of $104.80.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded down $2.86 on Monday, hitting $102.08. The company had a trading volume of 3,903,556 shares, compared to its average volume of 4,979,977. 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 company has a market cap of $78.13 billion, a PE ratio of 45.17, a PEG ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The business has a 50 day moving average of $100.18 and a 200 day moving average of $99.88.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results 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. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet Company 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.