Nemes Rush Group LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Nemes Rush Group LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 420 shares of the software maker’s stock after selling 250 shares during the quarter. Nemes Rush Group LLC’s holdings in Fortinet were worth $40,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. HighPoint Advisor Group LLC grew its position in shares of Fortinet by 0.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 41,878 shares of the software maker’s stock valued at $3,957,000 after buying an additional 263 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Fortinet by 155.2% during the fourth quarter. Franklin Resources Inc. now owns 998,626 shares of the software maker’s stock worth $94,345,000 after purchasing an additional 607,363 shares in the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in shares of Fortinet by 4.9% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 27,349 shares of the software maker’s stock valued at $2,585,000 after purchasing an additional 1,283 shares during the last quarter. Summit Financial LLC grew its stake in Fortinet by 55.5% during the 4th quarter. Summit Financial LLC now owns 6,821 shares of the software maker’s stock worth $644,000 after buying an additional 2,434 shares during the last quarter. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the fourth quarter worth approximately $27,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTNT. Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Stephens started coverage on shares of Fortinet in a report on Tuesday. They set an “equal weight” rating and a $108.00 target price for the company. Finally, Morgan Stanley initiated coverage on shares of Fortinet in a research report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 target price for the company. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $105.77.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now 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 SEC, which is available through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Fortinet stock 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 price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock’s 50-day moving average is $102.99 and its 200-day moving average is $93.71.

Fortinet (NASDAQ:FTNT) last posted 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%. Equities analysts anticipate 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.