Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,355,397 shares of the software maker’s stock after selling 95,012 shares during the quarter. Parnassus Investments LLC’s holdings in Fortinet were worth $128,058,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Golden State Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $46,000. LFA Lugano Financial Advisors SA lifted its holdings in Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares in the last quarter. Private Trust Co. NA lifted its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Fortinet in the 4th quarter valued at $65,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 4.6 %

Shares of NASDAQ:FTNT opened at $93.42 on Friday. The company has a market cap of $71.84 billion, a price-to-earnings ratio of 41.34, a PEG ratio of 4.19 and a beta of 0.97. The firm’s 50-day simple moving average is $102.22 and its 200-day simple moving average is $91.41. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued 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 predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. BMO Capital Markets raised their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Cantor Fitzgerald raised their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Piper Sandler restated an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $103.72.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 622,904 shares of company stock worth $61,338,694 over the last 90 days. Company 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.