Valeo Financial Advisors LLC Sells 705 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Valeo Financial Advisors LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,697 shares of the software maker’s stock after selling 705 shares during the period. Valeo Financial Advisors LLC’s holdings in Fortinet were worth $916,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FTNT. Bleakley Financial Group LLC grew its holdings in Fortinet by 4.8% during the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after purchasing an additional 399 shares during the period. Claro Advisors LLC acquired a new position in Fortinet during the third quarter valued at approximately $162,000. Trust Point Inc. acquired a new position in Fortinet during the third quarter valued at approximately $220,000. Stratos Wealth Advisors LLC grew its holdings in Fortinet by 15.7% during the third quarter. Stratos Wealth Advisors LLC now owns 23,880 shares of the software maker’s stock valued at $1,852,000 after purchasing an additional 3,233 shares during the period. Finally, Net Worth Advisory Group acquired a new position in shares of Fortinet in the third quarter valued at approximately $660,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Wells Fargo & Company upped their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Barclays upped their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Scotiabank boosted their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

Shares of FTNT opened at $111.64 on Monday. The firm has a market capitalization of $85.57 billion, a PE ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The company’s 50-day moving average is $98.60 and its 200-day moving average is $86.77. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $112.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last released 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 463.85%. Equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated 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 owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $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.