Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Simplicity Solutions LLC

Simplicity Solutions LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 7,888 shares of the software maker’s stock after selling 1,852 shares during the period. Simplicity Solutions LLC’s holdings in Fortinet were worth $462,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FTNT. Alliancebernstein L.P. lifted its holdings in shares of Fortinet by 2.1% in the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after purchasing an additional 595,952 shares in the last quarter. State Street Corp boosted its position in shares of Fortinet by 2.1% in the first quarter. State Street Corp now owns 25,395,593 shares of the software maker’s stock worth $1,687,787,000 after buying an additional 527,129 shares during the period. Geode Capital Management LLC boosted its position in shares of Fortinet by 1.0% in the first quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock worth $1,007,182,000 after buying an additional 147,048 shares during the period. Moneta Group Investment Advisors LLC boosted its position in shares of Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after buying an additional 14,586,086 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FTNT. Piper Sandler reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Citigroup cut Fortinet from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $60.00 to $62.00 in a research report on Tuesday, January 9th. Stifel Nicolaus lifted their price objective on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, February 7th. Finally, Mizuho lifted their price objective on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Trading Down 1.0 %

Shares of FTNT opened at $64.03 on Friday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 44.16, a P/E/G ratio of 2.86 and a beta of 1.08. The stock’s 50-day moving average price is $68.64 and its 200 day moving average price is $61.52.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is currently owned by corporate 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.