Fulton Breakefield Broenniman LLC Has $270,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Fulton Breakefield Broenniman LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,617 shares of the software maker’s stock after selling 485 shares during the period. Fulton Breakefield Broenniman LLC’s holdings in Fortinet were worth $270,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. DAVENPORT & Co LLC increased its holdings in shares of Fortinet by 14.6% in the third quarter. DAVENPORT & Co LLC now owns 10,514 shares of the software maker’s stock valued at $617,000 after purchasing an additional 1,340 shares in the last quarter. Czech National Bank grew its holdings in Fortinet by 47.7% during the 3rd quarter. Czech National Bank now owns 113,926 shares of the software maker’s stock worth $6,685,000 after acquiring an additional 36,777 shares during the period. Handelsbanken Fonder AB grew its holdings in Fortinet by 1.5% during the 3rd quarter. Handelsbanken Fonder AB now owns 201,395 shares of the software maker’s stock worth $11,818,000 after acquiring an additional 3,032 shares during the period. U.S. Capital Wealth Advisors LLC grew its holdings in Fortinet by 9.5% during the 3rd quarter. U.S. Capital Wealth Advisors LLC now owns 8,016 shares of the software maker’s stock worth $470,000 after acquiring an additional 697 shares during the period. Finally, KG&L Capital Management LLC grew its holdings in Fortinet by 25.5% during the 3rd quarter. KG&L Capital Management LLC now owns 4,368 shares of the software maker’s stock worth $256,000 after acquiring an additional 888 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 in the last quarter. Insiders own 17.54% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT traded up $0.15 on Friday, hitting $64.18. The company had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. The stock has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.84 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm has a 50 day moving average of $67.96 and a two-hundred day moving average of $61.75. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.38 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. BMO Capital Markets lifted their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Wells Fargo & Company lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Wedbush lifted their price target on shares of Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Stifel Nicolaus lifted their price target on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Finally, UBS Group boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $72.19.

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.