CWA Asset Management Group LLC Sells 4,281 Shares of Fortinet, Inc. (NASDAQ:FTNT)

CWA Asset Management Group LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 53,886 shares of the software maker’s stock after selling 4,281 shares during the period. CWA Asset Management Group LLC’s holdings in Fortinet were worth $5,187,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Proficio Capital Partners LLC grew its position in shares of Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock valued at $547,000 after buying an additional 544,357 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock worth $11,763,000 after acquiring an additional 16,139 shares during the period. West Family Investments Inc. acquired a new position in shares of Fortinet in the 4th quarter worth approximately $234,000. Colonial Trust Co SC boosted its stake in shares of Fortinet by 61.7% in the 4th quarter. Colonial Trust Co SC now owns 1,665 shares of the software maker’s stock valued at $157,000 after purchasing an additional 635 shares during the last quarter. Finally, Cache Advisors LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $688,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction on Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director now directly owns 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. BMO Capital Markets dropped their target price on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday, May 8th. Cantor Fitzgerald cut their target price on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Roth Capital set a $103.00 target price on Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. Robert W. Baird boosted their price target on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $125.00 price objective on shares of Fortinet in a research note on Tuesday. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $104.80.

Fortinet Price Performance

FTNT opened at $102.88 on Wednesday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The company has a market capitalization of $78.75 billion, a price-to-earnings ratio of 42.34, a P/E/G ratio of 3.52 and a beta of 1.06. The firm’s fifty day moving average price is $101.71 and its two-hundred day moving average price is $100.21.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 earnings per share. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.