Delta Investment Management LLC Has $340,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Delta Investment Management LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,809 shares of the software maker’s stock after selling 557 shares during the period. Delta Investment Management LLC’s holdings in Fortinet were worth $340,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Headinvest LLC acquired a new position in shares of Fortinet during the 3rd quarter worth $29,000. Atwood & Palmer Inc. acquired a new position in Fortinet in the 4th quarter valued at $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Fortinet in the 3rd quarter valued at $37,000. Rakuten Securities Inc. acquired a new position in Fortinet in the 4th quarter valued at $43,000. Finally, CVA Family Office LLC acquired a new position in Fortinet in the 4th quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 in the last quarter. 17.54% of the stock is owned by insiders.

Fortinet Price Performance

Fortinet stock traded up $0.15 during trading hours on Friday, reaching $64.18. 4,138,352 shares of the stock were exchanged, compared to its average volume of 4,170,089. The company has a market cap of $48.97 billion, a P/E ratio of 44.26, a price-to-earnings-growth ratio of 2.84 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The stock has a 50 day moving average of $67.96 and a two-hundred day moving average of $61.75.

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

Analyst Ratings Changes

FTNT has been the topic of a number of research analyst reports. Wells Fargo & Company raised their target price on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research report on Wednesday, February 7th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Tuesday, February 13th. Finally, Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $72.19.

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.