Cavalier Investments LLC reduced its holdings in Fortinet Inc (NASDAQ:FTNT) by 27.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,550 shares of the software maker’s stock after selling 8,900 shares during the quarter. Fortinet accounts for about 1.1% of Cavalier Investments LLC’s investment portfolio, making the stock its 25th largest position. Cavalier Investments LLC’s holdings in Fortinet were worth $2,514,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Pictet Asset Management Ltd. increased its stake in Fortinet by 16.3% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,066,483 shares of the software maker’s stock worth $81,863,000 after acquiring an additional 149,780 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Fortinet by 6.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 602,237 shares of the software maker’s stock valued at $46,228,000 after purchasing an additional 37,398 shares during the last quarter. Millennium Management LLC increased its position in shares of Fortinet by 719.7% during the 3rd quarter. Millennium Management LLC now owns 542,897 shares of the software maker’s stock valued at $41,672,000 after purchasing an additional 630,497 shares during the last quarter. First Trust Advisors LP increased its position in shares of Fortinet by 9.9% during the 4th quarter. First Trust Advisors LP now owns 447,084 shares of the software maker’s stock valued at $47,731,000 after purchasing an additional 40,167 shares during the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Fortinet by 4.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 408,788 shares of the software maker’s stock valued at $31,379,000 after purchasing an additional 17,293 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.
In other Fortinet news, Director Christopher B. Paisley sold 750 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $104.43, for a total value of $78,322.50. Following the completion of the sale, the director now owns 75,279 shares in the company, valued at approximately $7,861,385.97. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael Xie sold 100,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $103.66, for a total value of $10,366,000.00. Following the completion of the sale, the vice president now owns 6,306,828 shares of the company’s stock, valued at approximately $653,765,790.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,681 shares of company stock valued at $10,965,482. Company insiders own 17.20% of the company’s stock.
Shares of FTNT stock opened at $119.10 on Friday. The stock has a market capitalization of $20.31 billion, a PE ratio of 63.35, a P/E/G ratio of 4.80 and a beta of 1.16. Fortinet Inc has a 1-year low of $68.87 and a 1-year high of $121.82. The business has a 50-day moving average of $115.05 and a 200 day moving average of $94.71.
Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.06. Fortinet had a return on equity of 27.51% and a net margin of 15.14%. The company had revenue of $614.40 million during the quarter, compared to analysts’ expectations of $602.89 million. During the same period in the prior year, the business posted $0.59 EPS. Fortinet’s quarterly revenue was up 21.2% compared to the same quarter last year. Research analysts anticipate that Fortinet Inc will post 1.77 EPS for the current fiscal year.
Several equities analysts have recently commented on FTNT shares. JPMorgan Chase & Co. set a $111.00 price objective on Fortinet and gave the company a “buy” rating in a research report on Friday, November 1st. Piper Sandler increased their price objective on Fortinet from to and gave the company an “overweight” rating in a research report on Friday, February 7th. Morgan Stanley increased their price objective on Fortinet from $111.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Raymond James upgraded Fortinet from a “market perform” rating to an “outperform” rating and set a $133.00 price objective on the stock in a research report on Wednesday, January 22nd. Finally, FBN Securities reiterated an “outperform” rating on shares of Fortinet in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $116.48.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
Recommended Story: Pattern Day Trader – What is the PDT Rule?
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.