Brookstone Capital Management Sells 4,566 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Brookstone Capital Management cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,475 shares of the software maker’s stock after selling 4,566 shares during the period. Brookstone Capital Management’s holdings in Fortinet were worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Fortinet during the fourth quarter worth approximately $203,501,000. Sarasin & Partners LLP acquired a new position in shares of Fortinet during the first quarter valued at about $120,746,000. Public Sector Pension Investment Board increased its position in shares of Fortinet by 358.1% during the third quarter. Public Sector Pension Investment Board now owns 1,644,139 shares of the software maker’s stock worth $96,478,000 after acquiring an additional 1,285,197 shares in the last quarter. Parnassus Investments LLC raised its holdings in shares of Fortinet by 223.6% in the 4th quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock worth $79,979,000 after acquiring an additional 944,161 shares during the last quarter. Finally, Carmignac Gestion lifted its position in Fortinet by 3,383.8% in the 4th quarter. Carmignac Gestion now owns 720,902 shares of the software maker’s stock valued at $42,194,000 after acquiring an additional 700,209 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FTNT. Evercore ISI lowered their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. cut their price objective on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Morgan Stanley lowered their target price on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Jefferies Financial Group cut their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.03.

Fortinet Trading Up 0.4 %

Shares of Fortinet stock opened at $60.27 on Friday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The firm has a market cap of $46.04 billion, a PE ratio of 39.39, a PEG ratio of 2.84 and a beta of 0.98. The company has a 50 day simple moving average of $60.58 and a two-hundred day simple moving average of $63.66.

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

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of the business’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 value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was 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 of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 over the last quarter. 18.00% of the stock is owned by corporate insiders.

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.