Graham Capital Management L.P. Has $802,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Graham Capital Management L.P. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 69.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,492 shares of the software maker’s stock after selling 19,186 shares during the period. Graham Capital Management L.P.’s holdings in Fortinet were worth $802,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $43,000. Banque Transatlantique SA acquired a new stake in Fortinet in the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

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 shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This trade represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 over the last three months. 17.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FTNT shares. UBS Group dropped their price target on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Scotiabank dropped their price target on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $95.00 price target for the company. in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Trading Up 2.9%

FTNT opened at $105.05 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $80.33 billion, a P/E ratio of 46.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a fifty day moving average price of $98.23 and a two-hundred day moving average price of $97.80.

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

Fortinet Company 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.