Delta Investment Management LLC Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

Delta Investment Management LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,809 shares of the software maker’s stock after selling 557 shares during the quarter. Delta Investment Management LLC’s holdings in Fortinet were worth $340,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Headinvest LLC purchased a new stake in Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Fortinet in the third quarter valued at approximately $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet in the fourth quarter worth $43,000. Finally, CVA Family Office LLC acquired a new position in shares of Fortinet in the fourth quarter worth $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on 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 sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’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 sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. 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 ninety days. 17.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research reports. HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target for the company. in a research note on Wednesday, February 7th. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Scotiabank boosted their price target on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, February 7th. Truist Financial boosted their price target on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Finally, Susquehanna reiterated a “neutral” rating and set a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Price Performance

FTNT traded up $0.15 on Friday, hitting $64.18. 4,138,352 shares of the company were exchanged, compared to its average volume of 4,170,089. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s fifty day moving average is $67.96 and its 200 day moving average is $61.75. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a price-to-earnings-growth ratio of 2.84 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, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.38 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

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.