Jacksonville Wealth Management LLC Has $1.08 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Jacksonville Wealth Management LLC reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,209 shares of the software maker’s stock after selling 232 shares during the period. Fortinet makes up approximately 1.1% of Jacksonville Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. Jacksonville Wealth Management LLC’s holdings in Fortinet were worth $1,079,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Proficio Capital Partners LLC increased its holdings in shares of Fortinet by 18,353.2% during the fourth quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock worth $547,000 after buying an additional 544,357 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock worth $11,763,000 after buying an additional 16,139 shares in the last quarter. West Family Investments Inc. acquired a new position in shares of Fortinet during the fourth quarter worth $234,000. Colonial Trust Co SC increased its holdings in shares of Fortinet by 61.7% during the fourth quarter. Colonial Trust Co SC now owns 1,665 shares of the software maker’s stock worth $157,000 after buying an additional 635 shares in the last quarter. Finally, Cache Advisors LLC acquired a new position in shares of Fortinet during the fourth quarter worth $688,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $101.66 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company’s 50 day moving average price is $101.13 and its two-hundred day moving average price is $100.03. 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 stock has a market cap of $77.81 billion, a P/E ratio of 44.98, a P/E/G ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping 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 business posted $0.43 EPS. Fortinet’s quarterly revenue was up 13.8% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on FTNT shares. Stephens assumed coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target for the company. DZ Bank upgraded Fortinet from a “strong sell” rating to a “hold” rating in a report on Thursday, May 8th. Roth Capital set a $103.00 price objective on Fortinet and gave the company a “neutral” rating in a report on Tuesday, April 22nd. Royal Bank of Canada decreased their price objective on Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a report on Thursday, May 8th. Finally, Morgan Stanley decreased their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $104.80.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

About Fortinet

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.