Alpha Cubed Investments LLC Has $234,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Alpha Cubed Investments LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,005 shares of the software maker’s stock after selling 1,373 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Fortinet were worth $234,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Atwood & Palmer Inc. bought a new position in Fortinet during the 4th quarter worth $29,000. Headinvest LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet during the third quarter worth about $37,000. Rakuten Securities Inc. acquired a new position in shares of Fortinet in the fourth quarter worth approximately $43,000. Finally, CVA Family Office LLC bought a new stake in Fortinet in the fourth quarter valued at approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTNT. Jefferies Financial Group dropped their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Morgan Stanley upped their price target on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a research report on Tuesday, February 13th. Finally, Susquehanna restated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Stock Performance

NASDAQ:FTNT opened at $63.53 on Thursday. The company has a market capitalization of $48.49 billion, a P/E ratio of 43.81, a P/E/G ratio of 2.80 and a beta of 1.08. The business has a fifty day simple moving average of $67.78 and a two-hundred day simple moving average of $61.87. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

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

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of Fortinet 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 directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 46,084 shares of the 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 completion of the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,139 shares of company stock worth $8,977,876. 17.54% 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.