Orion Capital Management LLC Sells 1,100 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Orion Capital Management LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 7.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,857 shares of the software maker’s stock after selling 1,100 shares during the quarter. Orion Capital Management LLC’s holdings in Fortinet were worth $811,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Nordea Investment Management AB raised its holdings in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. DSM Capital Partners LLC bought a new stake in Fortinet during the 3rd quarter worth about $75,698,000. Public Sector Pension Investment Board raised its holdings in Fortinet by 358.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after purchasing an additional 1,285,197 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Fortinet by 569.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 964,294 shares of the software maker’s stock worth $56,585,000 after purchasing an additional 820,257 shares during the last quarter. Finally, LGT Group Foundation bought a new stake in Fortinet during the 3rd quarter worth about $38,362,000. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. The Goldman Sachs Group boosted their target price on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Royal Bank of Canada boosted their price objective on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 7th. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Finally, Jefferies Financial Group decreased their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research 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 stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Performance

Fortinet stock traded up $1.45 during mid-day trading on Wednesday, hitting $64.63. 2,780,762 shares of the company’s stock traded hands, compared to its average volume of 5,710,663. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a market cap of $49.33 billion, a price-to-earnings ratio of 43.73, a P/E/G ratio of 2.85 and a beta of 1.08. The firm has a 50 day simple moving average of $67.78 and a two-hundred day simple moving average of $61.87. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

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

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The stock was 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the vice president now directly 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 quarter, insiders have sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is owned by insiders.

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.