Graham Capital Management L.P. Sells 19,186 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Graham Capital Management L.P. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 69.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,492 shares of the software maker's stock after selling 19,186 shares during the quarter. Graham Capital Management L.P.'s holdings in Fortinet were worth $802,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Focus Partners Wealth raised its stake in shares of Fortinet by 34.5% during the 4th quarter. Focus Partners Wealth now owns 41,696 shares of the software maker's stock valued at $3,939,000 after purchasing an additional 10,692 shares during the period. Ethic Inc. raised its stake in shares of Fortinet by 18.0% during the 4th quarter. Ethic Inc. now owns 37,512 shares of the software maker's stock valued at $3,544,000 after purchasing an additional 5,731 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Fortinet by 5.6% during the 4th quarter. Frontier Capital Management Co. LLC now owns 673,412 shares of the software maker's stock valued at $63,624,000 after purchasing an additional 35,470 shares during the period. Deutsche Bank AG raised its stake in shares of Fortinet by 3.1% during the 4th quarter. Deutsche Bank AG now owns 4,234,488 shares of the software maker's stock valued at $400,074,000 after purchasing an additional 126,441 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Fortinet by 36.0% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 19,866 shares of the software maker's stock valued at $1,877,000 after purchasing an additional 5,264 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 206,000 shares of the stock in a transaction that occurred on 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 owns 51,391,879 shares of the company's stock, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $517,076.48. This trade represents a 78.85% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 738,978 shares of company stock valued at $74,135,907. Corporate insiders own 17.20% of the company's stock.

Fortinet Trading Up 2.0%

NASDAQ FTNT traded up $2.03 on Friday, hitting $104.59. The company's stock had a trading volume of 4,506,022 shares, compared to its average volume of 4,963,266. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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's 50-day simple moving average is $98.53 and its 200 day simple moving average is $98.16. The firm has a market cap of $80.05 billion, a P/E ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping 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 analysts' expectations of $1.54 billion. During the same quarter last year, the business posted $0.43 EPS. The business's revenue was up 13.8% on a year-over-year basis. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Scotiabank decreased their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Royal Bank of Canada decreased their target price on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley decreased 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. Finally, BMO Capital Markets dropped their target price 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. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $104.80.

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.