Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by AXQ Capital LP

AXQ Capital LP lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,295 shares of the software maker’s stock after selling 1,345 shares during the quarter. AXQ Capital LP’s holdings in Fortinet were worth $217,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FTNT. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $46,000. Runnymede Capital Advisors Inc. acquired a new position in Fortinet in the 4th quarter valued at $56,000. LFA Lugano Financial Advisors SA lifted its stake in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA boosted its holdings in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.2 %

FTNT opened at $99.79 on Tuesday. The stock’s 50 day moving average price is $102.46 and its 200 day moving average price is $92.70. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock 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. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

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, beating 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%. As a group, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTNT. Stifel Nicolaus increased their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday. Susquehanna upped their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. The Goldman Sachs Group boosted their price objective 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. Finally, Rosenblatt Securities lifted their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.69.

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.