Financial Avengers Inc. Has $132,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Financial Avengers Inc. lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,400 shares of the software maker’s stock after selling 100 shares during the period. Financial Avengers Inc.’s holdings in Fortinet were worth $132,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares during the period. Fielder Capital Group LLC increased its holdings in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after buying an additional 116 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its holdings in shares of Fortinet by 2.0% during the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock worth $590,000 after buying an additional 124 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the 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 sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This represents a 78.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 715,478 shares of company stock valued at $71,467,247. Insiders own 17.20% of the company’s stock.

Fortinet Stock Up 0.0%

Shares of FTNT opened at $104.79 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market capitalization of $80.21 billion, a price-to-earnings ratio of 46.37, a PEG ratio of 4.19 and a beta of 1.16. The stock has a fifty day moving average of $98.89 and a 200-day moving average of $98.65.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. KeyCorp lowered their price target on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Rosenblatt Securities boosted their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Roth Capital set a $103.00 price objective on Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. Finally, Susquehanna boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $104.80.

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.