Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Lindbrook Capital LLC

Lindbrook Capital LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 893 shares of the software maker’s stock after selling 625 shares during the period. Lindbrook Capital LLC’s holdings in Fortinet were worth $52,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FTNT. First Trust Direct Indexing L.P. grew its position in Fortinet by 1.6% during the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after buying an additional 197 shares during the period. Catalyst Financial Partners LLC increased its stake in Fortinet by 5.1% in the 3rd 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 raised its holdings in Fortinet by 6.8% during 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 boosted its position in Fortinet by 0.6% during 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 in the last quarter. Finally, Syntax Advisors LLC grew its holdings in Fortinet by 7.0% in the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock valued at $201,000 after purchasing an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective on the stock. in a research report on Wednesday, February 7th. Truist Financial increased their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. Finally, Jefferies Financial Group cut their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $64.03 on Friday. The company has a market cap of $48.86 billion, a P/E ratio of 44.16, a PEG ratio of 2.88 and a beta of 1.08. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The business’s 50-day simple moving average is $68.04 and its 200 day simple moving average is $61.72. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.38 earnings per share. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 38,369 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated 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 of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 over the last ninety days. Corporate insiders own 17.54% of the company’s stock.

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.