Catalyst Funds Management Pty Ltd Has $831,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Catalyst Funds Management Pty Ltd lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,800 shares of the software maker’s stock after selling 1,400 shares during the quarter. Catalyst Funds Management Pty Ltd’s holdings in Fortinet were worth $831,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FTNT. Manchester Capital Management LLC raised its position in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Fielder Capital Group LLC raised its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC raised its position in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on FTNT. Royal Bank of Canada boosted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Robert W. Baird restated a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, Morgan Stanley increased their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Stock Performance

Shares of Fortinet stock opened at $96.25 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average price of $102.17 and a two-hundred day moving average price of $91.57. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a market cap of $74.01 billion, a P/E ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued 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 return on equity of 256.53% and a net margin of 29.30%. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 622,904 shares of company stock worth $61,338,694 in the last three months. Company insiders own 18.00% of the company’s stock.

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.