Fox Hill Wealth Management Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Fox Hill Wealth Management lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.9% in the first quarter, Holdings Channel reports. The firm owned 17,341 shares of the software maker’s stock after selling 6,068 shares during the period. Fox Hill Wealth Management’s holdings in Fortinet were worth $1,185,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FTNT. Vima LLC acquired a new position in Fortinet during the 4th quarter worth approximately $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% during the 1st 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 position in Fortinet during the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the 4th quarter worth approximately $29,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.4 %

Shares of NASDAQ FTNT traded up $0.23 during mid-day trading on Friday, hitting $60.27. 7,987,420 shares of the company traded hands, compared to its average volume of 5,622,995. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The stock has a market capitalization of $46.04 billion, a price-to-earnings ratio of 39.39, a PEG ratio of 2.95 and a beta of 0.98. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The business has a 50 day moving average of $60.58 and a two-hundred day moving average of $63.72.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS 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 the consensus estimate 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 business posted $0.29 earnings per share. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FTNT. Guggenheim reaffirmed a “buy” rating and issued a $81.00 target price on shares of Fortinet in a research report on Tuesday, June 25th. Piper Sandler dropped their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday. Robert W. Baird dropped their price target on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Evercore ISI dropped their price target on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $70.03.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 586 shares of Fortinet stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom acquired 586 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, 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 ninety days, insiders sold 91,638 shares of company stock valued at $5,705,568. Corporate insiders own 18.00% of the company’s stock.

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.