Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lessened by Congress Wealth Management LLC DE

Congress Wealth Management LLC DE cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 91,330 shares of the software maker’s stock after selling 2,301 shares during the period. Congress Wealth Management LLC DE’s holdings in Fortinet were worth $8,629,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after acquiring an additional 730,994 shares during the last quarter. State Street Corp increased its position in Fortinet by 2.9% in the 3rd 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 last quarter. Geode Capital Management LLC raised its stake in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. Amundi lifted its holdings in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after buying an additional 1,766,860 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Fortinet by 10.3% in the third 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 during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Jefferies Financial Group boosted their target price 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. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald boosted their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley assumed coverage on Fortinet in a report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price objective on the stock. Finally, UBS Group set a $123.00 target price on Fortinet in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $105.69.

Fortinet Price Performance

Shares of Fortinet stock opened at $99.79 on Tuesday. The firm has a market cap of $76.74 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The firm’s 50-day simple moving average is $102.46 and its 200-day simple moving average is $92.70. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. 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 data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other 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 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 approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company 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.