Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Aquatic Capital Management LLC

Aquatic Capital Management LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 73.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,836 shares of the software maker's stock after selling 104,864 shares during the period. Aquatic Capital Management LLC's holdings in Fortinet were worth $3,575,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the 4th quarter worth $27,000. Oarsman Capital Inc. increased its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet during the 4th quarter valued at about $43,000. Golden State Wealth Management LLC purchased a new stake in Fortinet during the 4th quarter valued at about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in Fortinet during the 4th quarter valued at about $56,000. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 0.4 %

NASDAQ FTNT traded up $0.45 during trading hours on Thursday, reaching $104.21. The company had a trading volume of 4,085,679 shares, compared to its average volume of 5,077,152. 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 stock has a market capitalization of $80.13 billion, a P/E ratio of 46.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The stock has a 50-day moving average of $98.77 and a 200 day moving average of $96.29. 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 issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 576,944 shares of company stock worth $56,944,064. Company insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. StockNews.com downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Royal Bank of Canada upped their target price on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Friday, February 7th. Stephens assumed coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. Finally, Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $104.77.

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.