Corebridge Financial Inc. Sells 394 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Corebridge Financial Inc. lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 221,160 shares of the software maker’s stock after selling 394 shares during the period. Corebridge Financial Inc.’s holdings in Fortinet were worth $20,895,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. First Hawaiian Bank acquired a new position in Fortinet in the 4th quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its holdings in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the period. Trilogy Capital Inc. raised its position in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its holdings in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after buying an additional 169,530 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in shares of Fortinet in the 3rd quarter valued at about $10,343,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of Fortinet stock opened at $99.79 on Tuesday. The company has a market cap of $76.74 billion, a PE ratio of 44.16, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business has a 50 day moving average price of $102.46 and a 200-day moving average price of $92.70.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Stifel Nicolaus upped their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Royal Bank of Canada increased their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One investment 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $105.69.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by insiders.

About Fortinet

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.