Institute for Wealth Management LLC. Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Institute for Wealth Management LLC. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,483 shares of the software maker’s stock after selling 260 shares during the quarter. Fortinet comprises about 0.7% of Institute for Wealth Management LLC.’s holdings, making the stock its 22nd largest position. Institute for Wealth Management LLC.’s holdings in Fortinet were worth $5,431,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Eastern Bank bought a new position in shares of Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% during 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. City State Bank raised its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the 3rd quarter worth $46,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 1.6 %

NASDAQ:FTNT opened at $100.93 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $102.17. The company’s 50-day simple moving average is $96.25 and its 200 day simple moving average is $82.69. The firm has a market capitalization of $77.36 billion, a P/E ratio of 50.97, a PEG ratio of 2.61 and a beta of 1.00. 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 announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the previous year, the business earned $0.35 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other 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 transaction of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group lifted their price target on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. BMO Capital Markets upped their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald lifted their target price on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $96.83.

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.