Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Alpha Cubed Investments LLC

Alpha Cubed Investments LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,005 shares of the software maker’s stock after selling 1,373 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Fortinet were worth $234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its position in Fortinet by 5.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 15,856 shares of the software maker’s stock worth $928,000 after acquiring an additional 869 shares during the period. Van ECK Associates Corp grew its holdings in shares of Fortinet by 17.6% during the 4th quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after purchasing an additional 438,476 shares during the period. Dover Advisors LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $226,000. Silver Oak Securities Incorporated raised its holdings in Fortinet by 1,591.4% in the 4th quarter. Silver Oak Securities Incorporated now owns 3,349 shares of the software maker’s stock valued at $196,000 after buying an additional 3,151 shares during the period. Finally, Retirement Systems of Alabama acquired a new position in Fortinet in the fourth quarter valued at about $8,222,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock valued at $8,977,876 over the last quarter. Corporate insiders own 17.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Susquehanna reissued a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Scotiabank boosted their target price on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. Stifel Nicolaus raised their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. DZ Bank downgraded Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a report on Thursday, February 8th. Finally, Mizuho boosted their price target on shares of Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $63.53 on Thursday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a 50-day simple moving average of $67.78 and a 200-day simple moving average of $61.87. The stock has a market capitalization of $48.49 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, analysts predict that Fortinet, Inc. will post 1.39 EPS for the current 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.