Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Johnson Financial Group Inc.

Johnson Financial Group Inc. cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,239 shares of the software maker’s stock after selling 3,303 shares during the quarter. Johnson Financial Group Inc.’s holdings in Fortinet were worth $4,665,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the 4th quarter worth $27,000. Oarsman Capital Inc. increased its stake in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet during the fourth quarter worth about $43,000. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in Fortinet in the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $101.80 on Friday. The business has a 50 day simple moving average of $99.33 and a 200-day simple moving average of $95.84. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market capitalization of $78.28 billion, a price-to-earnings ratio of 45.04, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 net margin of 29.30% and a return on equity of 256.53%. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FTNT shares. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Cantor Fitzgerald decreased their price target on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a report on Thursday. Jefferies Financial Group dropped their price objective on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Wells Fargo & Company lifted their target price on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, Roth Capital set a $103.00 price target on Fortinet and gave the stock a “neutral” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $104.77.

Insider Activity

In other news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 576,944 shares of company stock valued at $56,944,064. 18.00% of the stock is currently owned by 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.