Rehmann Capital Advisory Group Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Rehmann Capital Advisory Group cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 5,386 shares of the software maker’s stock after selling 1,061 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Fortinet were worth $368,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FTNT. Vima LLC purchased a new position in Fortinet during the fourth quarter worth about $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Headinvest LLC purchased a new position in shares of Fortinet in the 3rd quarter worth about $29,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet in the 4th quarter worth about $29,000. Finally, Creekmur Asset Management LLC purchased a new position in shares of Fortinet in the 4th quarter worth about $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.2 %

NASDAQ:FTNT traded down $0.14 during trading hours on Thursday, reaching $59.45. 529,601 shares of the stock were exchanged, compared to its average volume of 5,773,582. The firm has a 50 day simple moving average of $59.99 and a 200-day simple moving average of $63.89. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The stock has a market capitalization of $45.42 billion, a P/E ratio of 38.95, a P/E/G ratio of 2.93 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the business posted $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. Barclays cut their price objective on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. cut their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Sunday, June 30th. Scotiabank lowered their target price on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 target price on shares of Fortinet in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $70.03.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now 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 SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,638 shares of company stock valued at $5,705,568. Insiders own 18.00% of the company’s stock.

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.