Sequoia Financial Advisors LLC Sells 270 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sequoia Financial Advisors LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 2.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,794 shares of the software maker’s stock after selling 270 shares during the period. Sequoia Financial Advisors LLC’s holdings in Fortinet were worth $806,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vima LLC acquired a new position in Fortinet in the fourth quarter valued at approximately $25,000. Rise Advisors LLC boosted its stake in 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 acquired a new stake in Fortinet in the third quarter worth $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the fourth quarter worth $29,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet in the fourth quarter valued at $32,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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, for a total transaction of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 91,638 shares of company stock valued at $5,705,568. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FTNT shares. Morgan Stanley reduced their target price on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Royal Bank of Canada decreased their price objective on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Guggenheim reissued a “buy” rating and issued a $81.00 price target on shares of Fortinet in a research report on Tuesday, June 25th. Finally, Jefferies Financial Group lowered their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Two equities 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, the stock presently has an average rating of “Hold” and an average target price of $70.03.

Get Our Latest Research Report on Fortinet

Fortinet Stock Up 0.6 %

FTNT opened at $61.09 on Friday. The company’s 50-day moving average price is $60.21 and its two-hundred day moving average price is $63.86. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The stock has a market cap of $46.67 billion, a price-to-earnings ratio of 39.93, a PEG ratio of 2.98 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Fortinet Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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