Kovack Advisors Inc. Has $858,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Kovack Advisors Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 12,561 shares of the software maker’s stock after selling 297 shares during the quarter. Kovack Advisors Inc.’s holdings in Fortinet were worth $858,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. DMC Group LLC lifted its holdings in Fortinet by 1.9% during the 1st quarter. DMC Group LLC now owns 14,504 shares of the software maker’s stock worth $991,000 after buying an additional 272 shares during the period. Norden Group LLC bought a new stake in Fortinet during the first quarter valued at $2,277,000. United Capital Management of KS Inc. boosted its position in Fortinet by 3.6% during the first quarter. United Capital Management of KS Inc. now owns 40,916 shares of the software maker’s stock valued at $2,795,000 after acquiring an additional 1,418 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Fortinet by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 69,156 shares of the software maker’s stock worth $4,724,000 after acquiring an additional 315 shares during the period. Finally, Eagle Capital Management LLC acquired a new position in shares of Fortinet in the 1st quarter valued at about $1,714,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on 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 sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director William H. Neukom acquired 586 shares of Fortinet stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction 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 owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders sold 91,638 shares of company stock worth $5,705,568 in the last quarter. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on FTNT. Robert W. Baird decreased their target price on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Wedbush reaffirmed an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research report on Wednesday, May 22nd. Guggenheim reiterated a “buy” rating and set a $81.00 target price on shares of Fortinet in a research report on Tuesday, June 25th. Barclays reduced their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Finally, Mizuho dropped their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $70.03.

Fortinet Stock Performance

Fortinet stock opened at $60.73 on Friday. The stock has a market cap of $46.39 billion, a PE ratio of 39.69, a price-to-earnings-growth ratio of 2.96 and a beta of 0.98. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm’s 50-day simple moving average is $60.27 and its 200 day simple moving average is $63.78.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 EPS. As a group, analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

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.