Pennsylvania Capital Management Inc. ADV Sells 1,439 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pennsylvania Capital Management Inc. ADV trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 3,854 shares of the software maker’s stock after selling 1,439 shares during the quarter. Pennsylvania Capital Management Inc. ADV’s holdings in Fortinet were worth $364,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of FTNT. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. City State Bank grew its holdings in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the third quarter valued at about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. Mizuho increased their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Citigroup increased their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Deutsche Bank Aktiengesellschaft raised their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $97.73.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 0.0 %

Shares of NASDAQ FTNT opened at $100.90 on Tuesday. The firm’s 50 day moving average price is $96.57 and its 200-day moving average price is $83.61. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $102.87. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $77.33 billion, a PE ratio of 50.96, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the business posted $0.35 EPS. On average, equities research analysts expect that Fortinet, Inc. will post 1.95 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.