Fortinet, Inc. (NASDAQ:FTNT) Holdings Trimmed by Haverford Trust Co

Haverford Trust Co lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 26.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,478 shares of the software maker’s stock after selling 1,581 shares during the period. Haverford Trust Co’s holdings in Fortinet were worth $423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. First Hawaiian Bank acquired a new position in Fortinet in the 4th quarter valued at approximately $670,000. LVM Capital Management Ltd. MI grew its holdings 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 valued at $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Trilogy Capital Inc. increased its stake in shares of Fortinet by 17.8% in the fourth 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 during the last quarter. Dixon Mitchell Investment Counsel Inc. raised its holdings in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the third quarter valued at $10,343,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the firm’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 sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, 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 at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’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 directly owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 in the last ninety days. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FTNT. Susquehanna upped 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. The Goldman Sachs Group increased their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Wells Fargo & Company lifted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Cantor Fitzgerald boosted their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Finally, Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $105.69.

Fortinet Trading Up 2.3 %

Shares of FTNT opened at $102.09 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market cap of $78.50 billion, a PE ratio of 45.17, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a 50 day simple moving average of $102.65 and a 200-day simple moving average of $92.89.

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, topping 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%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.