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

EP Wealth Advisors LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 15.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 15,816 shares of the software maker’s stock after selling 2,938 shares during the quarter. EP Wealth Advisors LLC’s holdings in Fortinet were worth $1,494,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Franklin Resources Inc. boosted its position in shares of Fortinet by 21.6% during the third quarter. Franklin Resources Inc. now owns 391,263 shares of the software maker’s stock worth $32,408,000 after buying an additional 69,374 shares during the period. Principal Financial Group Inc. boosted its holdings in Fortinet by 8.7% during the 3rd quarter. Principal Financial Group Inc. now owns 750,143 shares of the software maker’s stock valued at $58,174,000 after acquiring an additional 59,930 shares during the period. First Hawaiian Bank acquired a new position in Fortinet in the 4th quarter valued at about $670,000. Wealth Enhancement Advisory Services LLC grew its position in Fortinet by 2.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker’s stock valued at $7,271,000 after acquiring an additional 1,638 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in Fortinet by 2.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker’s stock worth $686,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.3 %

NASDAQ FTNT opened at $97.42 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $74.50 billion, a PE ratio of 43.11, a P/E/G ratio of 4.19 and a beta of 1.16. The firm’s fifty day moving average is $98.26 and its two-hundred day moving average is $97.36. 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 (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business earned $0.43 EPS. The firm’s revenue was up 13.8% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock valued at $74,135,907 over the last three months. 17.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Cantor Fitzgerald reduced their price objective on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, KeyCorp reduced their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet 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.