Avalon Trust Co Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Avalon Trust Co trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 985 shares of the software maker’s stock after selling 130 shares during the period. Avalon Trust Co’s holdings in Fortinet were worth $93,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Assetmark Inc. lifted its position in Fortinet by 3.8% during the third quarter. Assetmark Inc. now owns 12,232 shares of the software maker’s stock valued at $949,000 after purchasing an additional 448 shares during the last quarter. Aptus Capital Advisors LLC lifted its position in Fortinet by 15.2% during the third quarter. Aptus Capital Advisors LLC now owns 6,157 shares of the software maker’s stock valued at $477,000 after purchasing an additional 813 shares during the last quarter. Huntington National Bank lifted its position in Fortinet by 12.1% during the third quarter. Huntington National Bank now owns 2,395 shares of the software maker’s stock valued at $186,000 after purchasing an additional 258 shares during the last quarter. Metis Global Partners LLC lifted its position in Fortinet by 3.7% during the third quarter. Metis Global Partners LLC now owns 25,521 shares of the software maker’s stock valued at $1,979,000 after purchasing an additional 900 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 3.0 %

Shares of Fortinet stock opened at $96.25 on Friday. The firm’s 50 day moving average price is $102.17 and its 200-day moving average price is $91.68. 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 52-week low of $54.57 and a 52-week high of $114.82. The company has a market cap of $74.01 billion, a P/E ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom bought 328 shares of the 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 completion of the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 622,904 shares of company stock valued at $61,338,694 in the last 90 days. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FTNT shares. Scotiabank increased their price objective on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. TD Cowen raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $103.72.

About Fortinet

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.