Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Decreased by AXQ Capital LP

AXQ Capital LP lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 37.0% in the 4th quarter, Holdings Channel reports. The fund owned 2,295 shares of the software maker’s stock after selling 1,345 shares during the period. AXQ Capital LP’s holdings in Fortinet were worth $217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its holdings in shares of Fortinet by 11.1% in the third quarter. Advisors Asset Management Inc. now owns 19,580 shares of the software maker’s stock valued at $1,518,000 after purchasing an additional 1,955 shares in the last quarter. Meridian Wealth Management LLC purchased a new stake in Fortinet in the 3rd quarter worth about $647,000. Cerity Partners LLC boosted its position in Fortinet by 26.8% during the 3rd quarter. Cerity Partners LLC now owns 274,158 shares of the software maker’s stock worth $21,261,000 after acquiring an additional 57,888 shares during the period. Algert Global LLC grew its stake in Fortinet by 598.7% during the 3rd quarter. Algert Global LLC now owns 58,243 shares of the software maker’s stock valued at $4,517,000 after acquiring an additional 49,907 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Fortinet by 4.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 143,056 shares of the software maker’s stock valued at $11,094,000 after purchasing an additional 6,182 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of several research reports. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. The Goldman Sachs Group lifted their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. UBS Group set a $123.00 price target on shares of Fortinet in a research note on Tuesday, March 18th. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Royal Bank of Canada upped their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $99.79 on Tuesday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a market cap of $76.74 billion, a P/E ratio of 44.16, a P/E/G ratio of 4.19 and a beta of 0.97. The business’s 50 day moving average is $102.46 and its two-hundred day moving average is $92.70. 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 earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

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.