Fulton Breakefield Broenniman LLC Sells 485 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fulton Breakefield Broenniman LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 9.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,617 shares of the software maker’s stock after selling 485 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in Fortinet were worth $270,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Golden State Equity Partners lifted its holdings in shares of Fortinet by 9.5% during the 4th quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock valued at $270,000 after purchasing an additional 400 shares during the last quarter. Kovack Advisors Inc. grew its position in shares of Fortinet by 14.5% during the 4th quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock valued at $753,000 after acquiring an additional 1,630 shares during the period. Motley Fool Asset Management LLC grew its position in shares of Fortinet by 2.4% during the 4th quarter. Motley Fool Asset Management LLC now owns 23,189 shares of the software maker’s stock valued at $1,357,000 after acquiring an additional 554 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in Fortinet by 0.8% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 384,735 shares of the software maker’s stock worth $22,519,000 after buying an additional 3,036 shares during the last quarter. Finally, Syon Capital LLC boosted its holdings in Fortinet by 17.5% in the 4th quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock worth $299,000 after buying an additional 758 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FTNT shares. Susquehanna reissued a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. UBS Group boosted their target price on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Truist Financial boosted their target price on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $85.00 target price on shares of Fortinet in a research report 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 given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $72.19.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.15 on Friday, reaching $64.18. The company’s stock had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. The stock’s 50-day moving average is $67.96 and its two-hundred day moving average is $61.75. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. 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 has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a PEG ratio of 2.84 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion during 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 firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

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.