Boomfish Wealth Group LLC Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Boomfish Wealth Group LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 9.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,996 shares of the software maker’s stock after selling 2,834 shares during the quarter. Fortinet comprises approximately 1.7% of Boomfish Wealth Group LLC’s holdings, making the stock its 15th biggest position. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,599,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC grew its holdings in Fortinet by 18,353.2% during the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock valued at $547,000 after buying an additional 544,357 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after buying an additional 16,139 shares in the last quarter. West Family Investments Inc. purchased a new stake in Fortinet during the 4th quarter valued at approximately $234,000. Colonial Trust Co SC grew its holdings in Fortinet by 61.7% during the 4th quarter. Colonial Trust Co SC now owns 1,665 shares of the software maker’s stock valued at $157,000 after buying an additional 635 shares in the last quarter. Finally, Cache Advisors LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $688,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Stifel Nicolaus lowered their target price on Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research report on Thursday, May 8th. Scotiabank lowered their target price on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research report on Thursday, May 8th. Roth Capital set a $103.00 target price on Fortinet and gave the company a “neutral” rating in a research report on Tuesday, April 22nd. Wells Fargo & Company lowered their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. Finally, Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $104.80.

Fortinet Stock Up 1.1%

Fortinet stock opened at $101.95 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market capitalization of $78.03 billion, a PE ratio of 45.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. The business has a 50 day simple moving average of $101.66 and a 200-day simple moving average of $100.19.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping 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 analysts’ expectations of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.