Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Rakuten Securities Inc.

Rakuten Securities Inc. decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 83.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 377 shares of the software maker’s stock after selling 1,951 shares during the period. Rakuten Securities Inc.’s holdings in Fortinet were worth $36,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FTNT. SJS Investment Consulting Inc. boosted its stake in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the 4th quarter valued at about $27,000. Oarsman Capital Inc. grew its stake in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC acquired a new position in Fortinet during the fourth quarter worth approximately $43,000. Finally, Banque Transatlantique SA purchased a new stake in Fortinet in the fourth quarter valued at approximately $43,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following 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 trade represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director now owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. Scotiabank lowered their target price on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. BMO Capital Markets dropped their price objective on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research note on Thursday, May 8th. UBS Group decreased their target price 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. Finally, DZ Bank upgraded Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Trading Down 2.0%

Shares of FTNT stock opened at $100.82 on Thursday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $101.73 and a 200-day simple moving average of $100.21. The stock has a market cap of $77.17 billion, a P/E ratio of 41.49, a P/E/G ratio of 3.55 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 earnings per share. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet 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.