Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Daymark Wealth Partners LLC

Daymark Wealth Partners LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 248,646 shares of the software maker’s stock after selling 523 shares during the quarter. Fortinet accounts for about 0.8% of Daymark Wealth Partners LLC’s holdings, making the stock its 29th biggest position. Daymark Wealth Partners LLC’s holdings in Fortinet were worth $23,935,000 at the end of the most recent quarter.

Other institutional investors 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 4th quarter worth about $27,000. Oarsman Capital Inc. grew its position in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $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 $43,000. Banque Transatlantique SA bought a new position in Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC acquired a new position in Fortinet during the 4th quarter worth $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 335 shares of the stock in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, for a total transaction 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 trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the 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 approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 490,818 shares of company stock valued at $49,472,228 in the last quarter. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Up 1.4%

FTNT stock opened at $104.94 on Monday. The company has a market cap of $80.32 billion, a price-to-earnings ratio of 46.43, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business has a 50 day moving average price of $100.18 and a two-hundred day moving average price of $99.88. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FTNT shares. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. Morgan Stanley dropped their price target 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. Stifel Nicolaus decreased their target price on Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. UBS Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Finally, Cantor Fitzgerald lowered their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $104.80.

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.