Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Lifestyle Asset Management Inc.

Lifestyle Asset Management Inc. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 3,244 shares of the software maker’s stock after selling 435 shares during the period. Lifestyle Asset Management Inc.’s holdings in Fortinet were worth $222,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Morgan Stanley raised its stake in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after purchasing an additional 108,548 shares during the last quarter. Norges Bank purchased a new position in shares of Fortinet in the fourth quarter worth about $203,501,000. Van ECK Associates Corp boosted its position in Fortinet by 17.6% during the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after acquiring an additional 438,476 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Fortinet by 11.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,628,691 shares of the software maker’s stock valued at $153,875,000 after acquiring an additional 267,759 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in Fortinet by 2.9% in the 4th quarter. Schroder Investment Management Group now owns 2,618,816 shares of the software maker’s stock valued at $153,279,000 after acquiring an additional 74,528 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FTNT shares. Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. HSBC cut their target price on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 target price on shares of Fortinet in a research note on Tuesday, June 11th. Finally, Morgan Stanley decreased their target price on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $70.03.

Insider Activity

In related news, 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 transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated 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 $3,150,776,958. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Down 0.5 %

FTNT stock traded down $0.28 during midday trading on Wednesday, hitting $60.73. The company’s stock had a trading volume of 3,039,750 shares, compared to its average volume of 5,875,186. The firm has a 50-day simple moving average of $60.34 and a 200-day simple moving average of $63.80. The firm has a market capitalization of $46.39 billion, a P/E ratio of 39.69, a PEG ratio of 2.95 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same period last year, the firm earned $0.29 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal 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.