Shelton Capital Management Reduces Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Shelton Capital Management trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 31.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 217,517 shares of the software maker’s stock after selling 100,446 shares during the period. Shelton Capital Management’s holdings in Fortinet were worth $20,551,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the fourth quarter valued at $27,000. Oarsman Capital Inc. grew its holdings in 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 buying an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in shares of Fortinet during the fourth quarter valued at about $43,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth about $56,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 3.9 %

Shares of Fortinet stock opened at $88.00 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. 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 $67.67 billion, a P/E ratio of 38.94, a PEG ratio of 4.19 and a beta of 1.09. The company’s fifty day simple moving average is $102.41 and its two-hundred day simple moving average is $94.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were 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 of the company’s stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FTNT. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Mizuho boosted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Rosenblatt Securities boosted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Scotiabank raised their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $105.77.

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.