Investment Partners Asset Management Inc. Reduces Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Investment Partners Asset Management Inc. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,217 shares of the software maker’s stock after selling 102 shares during the period. Investment Partners Asset Management Inc.’s holdings in Fortinet were worth $398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC lifted its stake in shares of Fortinet by 373.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock valued at $1,463,000 after purchasing an additional 14,877 shares during the period. Occidental Asset Management LLC acquired a new position in shares of Fortinet in the third quarter worth about $222,000. Zhang Financial LLC boosted its stake in shares of Fortinet by 5.3% during the 3rd quarter. Zhang Financial LLC now owns 8,878 shares of the software maker’s stock worth $688,000 after acquiring an additional 447 shares in the last quarter. CFM Wealth Partners LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at about $269,000. Finally, SeaCrest Wealth Management LLC acquired a new position in Fortinet in the 3rd quarter worth about $329,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $107.70 on Thursday. The business’s fifty day moving average price is $98.12 and its 200 day moving average price is $85.82. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $110.99. 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 company has a market capitalization of $82.55 billion, a PE ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last ninety days. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several research analyst reports. Scotiabank upped their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. The Goldman Sachs Group increased their target price on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Bank of America lifted their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. UBS Group increased their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.77.

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.