Jacobs Levy Equity Management Inc. Sells 958,953 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Jacobs Levy Equity Management Inc. reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 91.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,326 shares of the software maker's stock after selling 958,953 shares during the period. Jacobs Levy Equity Management Inc.'s holdings in Fortinet were worth $8,345,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Trilogy Capital Inc. increased its position in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock worth $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. increased its position in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker's stock worth $28,343,000 after acquiring an additional 169,530 shares in the last quarter. Milestone Asset Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $1,690,000. Proficio Capital Partners LLC boosted its holdings in shares of Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker's stock worth $547,000 after purchasing an additional 544,357 shares during the period. Finally, Jackson Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $4,731,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT stock traded up $2.03 on Friday, reaching $104.59. 4,506,022 shares of the company were exchanged, compared to its average volume of 4,963,266. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock's fifty day moving average price is $98.53 and its 200 day moving average price is $98.16. The firm has a market capitalization of $80.05 billion, a PE ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the business's stock in a transaction 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom purchased 328 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 738,978 shares of company stock valued at $74,135,907 in the last 90 days. 17.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FTNT has been the subject of several research reports. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target for the company. Wells Fargo & Company decreased their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Scotiabank reduced their target price on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research note on Thursday, May 8th. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus 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.