Rhumbline Advisers Has $115.39 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Rhumbline Advisers reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,221,345 shares of the software maker’s stock after selling 1,895 shares during the period. Rhumbline Advisers owned 0.16% of Fortinet worth $115,393,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. SeaCrest Wealth Management LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $329,000. Bleakley Financial Group LLC grew its position in shares of Fortinet by 4.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after acquiring an additional 399 shares during the period. Marshall Financial Group LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $205,000. Claro Advisors LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $162,000. Finally, Trust Point Inc. bought a new position in shares of Fortinet in the 3rd quarter valued at about $220,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $111.64 on Friday. The company has a 50 day simple moving average of $98.60 and a 200 day simple moving average of $86.57. The stock has a market cap of $85.57 billion, a price-to-earnings ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $112.37. 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 released 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 463.85%. Research analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 in the last three months. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Rosenblatt Securities lifted their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company lifted their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Company 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.