Fox Hill Wealth Management Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Fox Hill Wealth Management cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 25.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 17,341 shares of the software maker’s stock after selling 6,068 shares during the period. Fox Hill Wealth Management’s holdings in Fortinet were worth $1,185,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. TFO Wealth Partners LLC raised its holdings in shares of Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares during the last quarter. Cito Capital Group LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $660,000. Vontobel Holding Ltd. raised its holdings in shares of Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares during the last quarter. Finally, LGT Group Foundation raised its holdings in shares of Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.4 %

Shares of Fortinet stock traded up $0.23 on Friday, reaching $60.27. The stock had a trading volume of 7,987,420 shares, compared to its average volume of 5,622,995. The company has a 50 day moving average price of $60.58 and a 200 day moving average price of $63.72. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The stock has a market capitalization of $46.04 billion, a P/E ratio of 39.39, a P/E/G ratio of 2.95 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last released its 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. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 EPS. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the transaction, 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 quarter, insiders have sold 91,638 shares of company stock valued at $5,705,568. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. Evercore ISI cut their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research report on Friday, May 3rd. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. Morgan Stanley cut their target price on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Mizuho cut their target price on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, Robert W. Baird cut their target price on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $70.03.

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.