Catalyst Funds Management Pty Ltd Sells 1,400 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Catalyst Funds Management Pty Ltd lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,800 shares of the software maker’s stock after selling 1,400 shares during the quarter. Catalyst Funds Management Pty Ltd’s holdings in Fortinet were worth $831,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. First Hawaiian Bank bought a new stake in shares of Fortinet during the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI boosted its stake in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Trilogy Capital Inc. boosted its stake in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. lifted its position in shares of Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Stifel Nicolaus boosted their price objective on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Bank of America boosted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In other news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 in the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 3.0 %

Shares of FTNT opened at $96.25 on Friday. The firm has a market capitalization of $74.01 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business’s fifty day moving average price is $102.17 and its two-hundred day moving average price is $91.57. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share 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.