Fortis Group Advisors LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Fortis Group Advisors LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.0% during the fourth quarter, Holdings Channel reports. The fund owned 24,068 shares of the software maker’s stock after selling 500 shares during the period. Fortis Group Advisors LLC’s holdings in Fortinet were worth $2,274,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. Eastern Bank bought a new stake in Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter worth $46,000. Finally, R Squared Ltd purchased a new position in Fortinet during the fourth quarter valued at $65,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 1.5 %

FTNT opened at $111.64 on Tuesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $112.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. 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. The stock’s 50 day moving average price is $98.89 and its 200-day moving average price is $87.15.

Fortinet (NASDAQ:FTNT) last released its 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%. On average, equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Wedbush increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Citigroup lifted their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was 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 approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,610 shares of company stock worth $6,083,029 in the last three months. Corporate insiders own 18.00% of the company’s stock.

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.