Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 66,268 shares of the software maker’s stock after selling 538 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Fortinet were worth $6,261,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp increased its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC grew its holdings in shares of Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after buying an additional 68,852 shares during the period. Finally, FMR LLC grew its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. Royal Bank of Canada increased their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Mizuho boosted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Scotiabank raised their target price on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, January 21st. Finally, Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $96.83.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.6 %

Shares of NASDAQ:FTNT opened at $96.90 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. The stock’s 50-day moving average price is $95.70 and its two-hundred day moving average price is $81.90. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current 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.