Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Lido Advisors LLC

Lido Advisors LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 37.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,659 shares of the software maker's stock after selling 10,032 shares during the period. Lido Advisors LLC's holdings in Fortinet were worth $1,574,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. grew its stake in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet during the fourth quarter valued at $43,000. Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $56,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 1.2 %

FTNT stock traded down $1.36 during mid-day trading on Tuesday, reaching $107.33. The company had a trading volume of 3,198,168 shares, compared to its average volume of 5,011,635. The company has a market capitalization of $82.08 billion, a PE ratio of 47.44, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The firm has a 50 day moving average of $98.64 and a 200 day moving average of $97.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. 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 data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 over the last three months. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FTNT shares. The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Susquehanna boosted their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a report on Friday, February 7th. 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 objective for the company. Finally, DZ Bank downgraded shares of Fortinet from a "hold" rating to a "sell" rating and set a $95.00 target price on the stock. in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average target price of $107.07.

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.