Corebridge Financial Inc. Sells 394 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Corebridge Financial Inc. lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,160 shares of the software maker’s stock after selling 394 shares during the quarter. Corebridge Financial Inc.’s holdings in Fortinet were worth $20,895,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. raised its position in Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. LPL Financial LLC grew its holdings in Fortinet by 26.5% during the 4th quarter. LPL Financial LLC now owns 281,070 shares of the software maker’s stock worth $26,555,000 after acquiring an additional 58,924 shares during the last quarter. Fox Run Management L.L.C. increased its position in Fortinet by 18.3% in the 4th quarter. Fox Run Management L.L.C. now owns 3,369 shares of the software maker’s stock valued at $318,000 after acquiring an additional 521 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Fortinet in the fourth quarter worth about $22,959,000. Finally, Marietta Investment Partners LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $214,000. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday. Stifel Nicolaus lifted their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Cantor Fitzgerald increased their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $105.69.

Fortinet Trading Up 1.2 %

Fortinet stock opened at $99.79 on Tuesday. The stock has a 50-day simple moving average of $102.46 and a 200 day simple moving average of $92.70. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market capitalization of $76.74 billion, a P/E ratio of 44.16, 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.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the company’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 sale, the director now owns 18,612 shares of the company’s stock, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by corporate insiders.

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.