Fortinet, Inc. (NASDAQ:FTNT) is Account Management LLC’s 10th Largest Position

Account Management LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,568 shares of the software maker’s stock after selling 2,675 shares during the quarter. Fortinet comprises 3.7% of Account Management LLC’s holdings, making the stock its 10th largest position. Account Management LLC’s holdings in Fortinet were worth $3,077,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Trust Direct Indexing L.P. raised its stake in Fortinet by 1.6% in the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock valued at $748,000 after buying an additional 197 shares during the last quarter. Catalyst Financial Partners LLC raised its stake in shares of Fortinet by 5.1% in the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock worth $254,000 after purchasing an additional 209 shares during the last quarter. Realta Investment Advisors raised its stake in shares of Fortinet by 6.8% in the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock worth $200,000 after purchasing an additional 217 shares during the last quarter. First Foundation Advisors raised its stake in shares of Fortinet by 0.6% in the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock worth $2,353,000 after purchasing an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC raised its stake in shares of Fortinet by 7.0% in the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock worth $201,000 after purchasing an additional 224 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.2 %

Fortinet stock traded up $0.15 during trading on Friday, reaching $64.18. 4,138,352 shares of the company were exchanged, compared to its average volume of 4,170,089. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a PEG ratio of 2.85 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock’s 50 day simple moving average is $67.96 and its two-hundred day simple moving average is $61.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the business posted $0.38 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTNT. Sanford C. Bernstein began coverage on Fortinet in a research note on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price objective for the company. UBS Group raised their target price on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $65.00 target price on shares of Fortinet in a report on Wednesday, April 17th. The Goldman Sachs Group raised their target price on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Finally, Morgan Stanley raised their target price on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $72.19.

Insider Buying and Selling at Fortinet

In other Fortinet 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 sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock worth $8,977,876 over the last quarter. 17.54% of the stock is currently owned by company insiders.

About Fortinet

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.