Investment Partners Asset Management Inc. Reduces Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Investment Partners Asset Management Inc. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,217 shares of the software maker’s stock after selling 102 shares during the period. Investment Partners Asset Management Inc.’s holdings in Fortinet were worth $398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC lifted its stake in Fortinet by 373.0% during the third quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock worth $1,463,000 after purchasing an additional 14,877 shares during the last quarter. Occidental Asset Management LLC acquired a new stake in Fortinet during the third quarter worth approximately $222,000. Zhang Financial LLC raised its holdings in Fortinet by 5.3% during the third quarter. Zhang Financial LLC now owns 8,878 shares of the software maker’s stock worth $688,000 after purchasing an additional 447 shares in the last quarter. CFM Wealth Partners LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $269,000. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $329,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was 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 in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Fortinet Trading Down 0.6 %

Shares of FTNT opened at $107.70 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a 50 day simple moving average of $98.12 and a 200-day simple moving average of $85.82. The stock has a market cap of $82.55 billion, a price-to-earnings ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. KeyCorp raised 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. Piper Sandler restated an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, UBS Group increased their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $102.77.

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.