New York Life Investment Management LLC Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

New York Life Investment Management LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 100,091 shares of the software maker’s stock after selling 1,336 shares during the quarter. New York Life Investment Management LLC’s holdings in Fortinet were worth $5,858,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Buckhead Capital Management LLC increased its stake in shares of Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after acquiring an additional 187 shares in the last quarter. First Trust Direct Indexing L.P. grew its holdings 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 worth $748,000 after purchasing an additional 197 shares during the period. Catalyst Financial Partners LLC increased its stake in shares of Fortinet by 5.1% during the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock valued at $254,000 after purchasing an additional 209 shares in the last quarter. Realta Investment Advisors increased its stake in shares of Fortinet by 6.8% during the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after purchasing an additional 217 shares in the last quarter. Finally, First Foundation Advisors lifted its holdings in shares of Fortinet by 0.6% during the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after purchasing an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 9.7 %

Shares of FTNT stock opened at $58.88 on Friday. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The firm has a fifty day moving average price of $67.53 and a 200-day moving average price of $61.90. 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 company has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the firm posted $0.29 EPS. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, equities analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on 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 transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 in the last 90 days. Company insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a research note on Thursday, February 8th. BMO Capital Markets lowered their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday. JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday. Wedbush restated an “outperform” rating and set a $86.00 price objective on shares of Fortinet in a research note on Wednesday. Finally, Piper Sandler dropped their target price on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $70.68.

Fortinet 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.