Lifestyle Asset Management Inc. Has $222,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Lifestyle Asset Management Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,244 shares of the software maker’s stock after selling 435 shares during the quarter. Lifestyle Asset Management Inc.’s holdings in Fortinet were worth $222,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Vima LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares in the last quarter. Headinvest LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet during the 4th quarter worth $29,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth $32,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 0.5 %

FTNT traded down $0.28 during midday trading on Wednesday, reaching $60.73. The company’s stock had a trading volume of 3,039,750 shares, compared to its average volume of 5,875,186. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The stock’s 50-day moving average is $60.34 and its 200-day moving average is $63.80. The firm has a market capitalization of $46.39 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 2.95 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 586 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Fortinet news, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the transaction, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,638 shares of company stock valued at $5,705,568. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. Mizuho reduced their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Wells Fargo & Company dropped their price objective on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. BMO Capital Markets decreased their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a report on Friday, May 3rd. Finally, Evercore ISI reduced their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $70.03.

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.