Orion Capital Management LLC Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Orion Capital Management LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 13,857 shares of the software maker’s stock after selling 1,100 shares during the quarter. Orion Capital Management LLC’s holdings in Fortinet were worth $811,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Andar Capital Management HK Ltd raised its position in Fortinet by 150.0% during the fourth quarter. Andar Capital Management HK Ltd now owns 110,000 shares of the software maker’s stock valued at $6,438,000 after acquiring an additional 66,000 shares in the last quarter. Iyo Bank Ltd. acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $498,000. Savant Capital LLC increased its holdings in shares of Fortinet by 56.7% during the 4th quarter. Savant Capital LLC now owns 5,937 shares of the software maker’s stock valued at $347,000 after purchasing an additional 2,149 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in shares of Fortinet by 5.8% in the 4th quarter. Kestra Private Wealth Services LLC now owns 15,856 shares of the software maker’s stock valued at $928,000 after purchasing an additional 869 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Fortinet by 17.6% during the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after buying an additional 438,476 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 2.3 %

NASDAQ:FTNT traded up $1.45 on Wednesday, reaching $64.63. The company’s stock had a trading volume of 2,780,762 shares, compared to its average volume of 5,710,663. The firm has a market cap of $49.33 billion, a price-to-earnings ratio of 43.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock has a 50 day moving average price of $67.78 and a 200 day moving average price of $61.87.

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

Insider Activity

In related news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Michael Xie sold 38,369 shares of the business’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 sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FTNT has been the subject of a number of analyst reports. Jefferies Financial Group decreased their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Piper Sandler reiterated a “neutral” rating and set a $75.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a research report on Thursday, February 8th. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a research report on Wednesday, February 7th. Finally, Morgan Stanley boosted their price target on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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.