Fortinet, Inc. (NASDAQ:FTNT) Position Reduced by GAM Holding AG

GAM Holding AG reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,064 shares of the software maker’s stock after selling 2,229 shares during the quarter. GAM Holding AG’s holdings in Fortinet were worth $2,746,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FTNT. Venturi Wealth Management LLC boosted its stake in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares in the last quarter. Empower Advisory Group LLC boosted its position in shares of Fortinet by 1.4% during the 4th quarter. Empower Advisory Group LLC now owns 1,022,383 shares of the software maker’s stock valued at $96,595,000 after purchasing an additional 14,159 shares in the last quarter. Truist Financial Corp grew its stake in shares of Fortinet by 17.5% in the 4th quarter. Truist Financial Corp now owns 46,429 shares of the software maker’s stock worth $4,387,000 after purchasing an additional 6,914 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Fortinet by 3.7% in the 4th quarter. CIBC Asset Management Inc now owns 230,469 shares of the software maker’s stock worth $21,775,000 after purchasing an additional 8,278 shares during the last quarter. Finally, Human Investing LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $205,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Jefferies Financial Group upped their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Activity

In related news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, 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. Over the last ninety days, insiders have sold 63,610 shares of company stock worth $6,083,029. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $111.64 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average price is $98.89 and its two-hundred day moving average price is $87.15. The firm has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $112.37.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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 463.85%. On average, equities analysts forecast that Fortinet, Inc. will post 2.05 earnings per share for the current year.

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.