Gerber LLC Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Gerber LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,375 shares of the software maker’s stock after selling 500 shares during the period. Gerber LLC’s holdings in Fortinet were worth $602,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Assetmark Inc. raised its holdings in Fortinet by 3.8% during the third quarter. Assetmark Inc. now owns 12,232 shares of the software maker’s stock worth $949,000 after purchasing an additional 448 shares in the last quarter. Sigma Planning Corp lifted its stake in shares of Fortinet by 19.4% in the 3rd quarter. Sigma Planning Corp now owns 8,034 shares of the software maker’s stock valued at $623,000 after purchasing an additional 1,306 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter worth $26,000. Catalytic Wealth RIA LLC bought a new position in shares of Fortinet during the 3rd quarter worth about $202,000. Finally, Apollon Wealth Management LLC lifted its stake in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FTNT shares. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Stifel Nicolaus lifted their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Robert W. Baird restated a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $103.72.

Insiders Place Their Bets

In other news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction 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 $1,079,876,675.56. This represents a 2.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were 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 directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 622,904 shares of company stock valued at $61,338,694. 18.00% of the stock is owned by insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $97.93 on Thursday. The stock has a market cap of $75.31 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 4.19 and a beta of 0.97. The firm’s 50-day moving average is $102.22 and its 200 day moving average is $91.41. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.