Cynosure Group LLC Sells 1,874 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cynosure Group LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 34.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,610 shares of the software maker’s stock after selling 1,874 shares during the period. Cynosure Group LLC’s holdings in Fortinet were worth $341,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. State Street Corp boosted its position in shares of 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 in the last quarter. Geode Capital Management LLC grew its stake in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock worth $1,440,648,000 after buying an additional 387,901 shares during the last quarter. Norges Bank acquired a new position in Fortinet during the 4th quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $98.08 on Thursday. The company has a market cap of $75.42 billion, a price-to-earnings ratio of 43.40, a PEG ratio of 4.19 and a beta of 0.97. The firm’s fifty day simple moving average is $102.99 and its two-hundred day simple moving average is $93.71. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted 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%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction 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 sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’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 sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Susquehanna upped their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Morgan Stanley started coverage on shares of Fortinet in a report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price objective on the stock. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Cantor Fitzgerald increased their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $105.77.

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.