Fortinet, Inc. (NASDAQ:FTNT) Stake Lowered by Vontobel Holding Ltd.

Vontobel Holding Ltd. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 18.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 470,556 shares of the software maker’s stock after selling 108,327 shares during the quarter. Vontobel Holding Ltd. owned approximately 0.06% of Fortinet worth $44,458,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Eastern Bank acquired a new position in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in 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 in the last quarter. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter worth approximately $46,000. Finally, R Squared Ltd bought a new position in Fortinet during the fourth quarter valued at approximately $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $109.98 on Friday. The firm has a market capitalization of $84.29 billion, a PE ratio of 48.66, a PEG ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The business’s 50 day moving average is $98.35 and its 200-day moving average is $85.99.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Sell-side analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Jefferies Financial Group upped their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet 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.