Level Four Advisory Services LLC Decreases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Level Four Advisory Services LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,575 shares of the software maker’s stock after selling 254 shares during the quarter. Level Four Advisory Services LLC’s holdings in Fortinet were worth $243,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of FTNT. Manchester Capital Management LLC boosted its holdings in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of Fortinet by 1.6% in 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 during the period. Fielder Capital Group LLC grew its holdings in Fortinet by 1.6% during the 4th 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 lifted its holdings in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC boosted its position in Fortinet by 3.0% in the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after buying an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.4 %

FTNT stock opened at $96.67 on Wednesday. The firm’s 50-day moving average is $103.00 and its two-hundred day moving average is $93.68. The company has a market capitalization of $74.34 billion, a price-to-earnings ratio of 42.77, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

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 analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Jefferies Financial Group dropped their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Morgan Stanley initiated coverage on shares of Fortinet in a report on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 price target on the stock. Finally, UBS Group set a $123.00 price objective on shares of Fortinet in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $105.77.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last three months. Company insiders own 18.00% of the company’s stock.

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.