Maytus Capital Management LLC Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

Maytus Capital Management LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 60,000 shares of the software maker's stock after selling 22,500 shares during the period. Fortinet accounts for about 2.0% of Maytus Capital Management LLC's investment portfolio, making the stock its 23rd biggest holding. Maytus Capital Management LLC's holdings in Fortinet were worth $5,669,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $43,000. Banque Transatlantique SA bought a new stake in shares of Fortinet in the fourth quarter worth about $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were 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 trade represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 738,978 shares of company stock valued at $74,135,907 over the last ninety days. Company insiders own 17.20% of the company's stock.

Fortinet Price Performance

Fortinet stock opened at $102.04 on Tuesday. The stock has a market capitalization of $78.03 billion, a P/E ratio of 45.15, a P/E/G ratio of 4.19 and a beta of 1.16. The company's fifty day moving average price is $98.17 and its 200 day moving average price is $97.74. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. 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 released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.43 earnings per share. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. KeyCorp decreased their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. DZ Bank lowered shares of Fortinet from a "hold" rating to a "sell" rating and set a $95.00 price objective for the company. in a research report on Tuesday, May 6th. Royal Bank of Canada reduced their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Wells Fargo & Company reduced their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $104.80.

Fortinet 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.

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