Daymark Wealth Partners LLC Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Daymark Wealth Partners LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 248,646 shares of the software maker’s stock after selling 523 shares during the quarter. Fortinet comprises 0.8% of Daymark Wealth Partners LLC’s portfolio, making the stock its 29th biggest holding. Daymark Wealth Partners LLC’s holdings in Fortinet were worth $23,935,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet during the fourth quarter valued at $27,000. Oarsman Capital Inc. lifted its holdings 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 acquiring an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in shares of Fortinet during the 4th quarter worth about $43,000. Banque Transatlantique SA bought a new position in Fortinet during the 4th quarter valued at about $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director now directly owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was 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 of the company’s stock, valued at $1,079,876,675.56. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 490,818 shares of company stock valued at $49,472,228 over the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $104.94 on Monday. The firm has a market capitalization of $80.32 billion, a PE ratio of 46.43, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average price of $100.18 and a 200 day moving average price of $99.88. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $0.43 EPS. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. Jefferies Financial Group dropped their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Wells Fargo & Company cut their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 8th. KeyCorp cut 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. Finally, UBS Group decreased their target price on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus 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.