Fortis Group Advisors LLC Sells 500 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fortis Group Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,068 shares of the software maker’s stock after selling 500 shares during the quarter. Fortis Group Advisors LLC’s holdings in Fortinet were worth $2,274,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FTNT. Eastern Bank purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the 4th quarter valued at $46,000. Finally, R Squared Ltd bought a new position in shares of Fortinet during the 4th quarter worth $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents 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 that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 63,610 shares of company stock worth $6,083,029. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FTNT. Citigroup lifted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Susquehanna increased their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Mizuho raised their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Up 1.5 %

Shares of NASDAQ FTNT opened at $111.64 on Tuesday. The firm’s fifty day moving average is $98.89 and its 200 day moving average is $87.15. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $85.57 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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, equities research analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current year.

About Fortinet

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.