Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Orion Capital Management LLC

Orion Capital Management LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 13,650 shares of the software maker’s stock after selling 341 shares during the period. Orion Capital Management LLC’s holdings in Fortinet were worth $1,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in FTNT. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock worth $11,763,000 after acquiring an additional 16,139 shares during the period. Focus Partners Advisor Solutions LLC grew its position in Fortinet by 42.8% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 18,146 shares of the software maker’s stock worth $1,714,000 after purchasing an additional 5,439 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Fortinet by 3.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker’s stock valued at $565,953,000 after purchasing an additional 202,259 shares during the period. Waverly Advisors LLC boosted its position in shares of Fortinet by 31.1% during the fourth quarter. Waverly Advisors LLC now owns 3,904 shares of the software maker’s stock worth $369,000 after buying an additional 927 shares during the period. Finally, Vident Advisory LLC increased its stake in shares of Fortinet by 2.0% during the fourth quarter. Vident Advisory LLC now owns 407,878 shares of the software maker’s stock valued at $38,536,000 after acquiring an additional 7,989 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $517,076.48. The trade was a 78.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 715,478 shares of company stock valued at $71,467,247 in the last 90 days. 17.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley dropped their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Jefferies Financial Group cut their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Finally, Scotiabank cut their price objective 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. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Price Performance

NASDAQ FTNT opened at $104.79 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market cap of $80.21 billion, a price-to-earnings ratio of 46.37, a PEG ratio of 4.19 and a beta of 1.16. The business has a 50 day simple moving average of $98.89 and a 200 day simple moving average of $98.65. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

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, 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 the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 earnings per share. The firm’s revenue was up 13.8% compared to the same quarter last year. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.