Fortinet, Inc. (NASDAQ:FTNT) Position Cut by Robertson Stephens Wealth Management LLC

Robertson Stephens Wealth Management LLC reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,905 shares of the software maker’s stock after selling 106 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Fortinet were worth $568,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. boosted its stake in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. lifted its position in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Finally, Banque Transatlantique SA acquired a new stake in shares of Fortinet during the 4th quarter valued at $43,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FTNT shares. KeyCorp cut their price objective on Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company reduced their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, May 8th. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. 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 note on Wednesday, April 16th. Finally, BMO Capital Markets lowered their target price on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $104.80.

Fortinet Stock Down 2.0%

NASDAQ FTNT opened at $100.82 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm has a 50-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 PE ratio of 41.49, a PEG ratio of 3.55 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

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

Insider Activity

In related news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director now owns 301,471 shares in the company, valued at $31,419,307.62. This trade 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 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.