RMR Wealth Builders Sells 114 Shares of Fortinet, Inc. (NASDAQ:FTNT)

RMR Wealth Builders decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,778 shares of the software maker’s stock after selling 114 shares during the period. RMR Wealth Builders’ holdings in Fortinet were worth $357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Apollon Wealth Management LLC grew its position in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden boosted its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Quadrature Capital Ltd bought a new position in Fortinet in the 3rd quarter worth $10,343,000. Empower Advisory Group LLC boosted its holdings in Fortinet by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock worth $78,188,000 after buying an additional 40,277 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Fortinet by 29.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after buying an additional 34,727 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 1.5 %

FTNT stock opened at $94.56 on Friday. The firm has a market cap of $72.48 billion, a PE ratio of 47.76, a P/E/G ratio of 2.76 and a beta of 1.00. 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 firm’s fifty day moving average is $94.28 and its 200 day moving average is $78.90. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 68,123 shares of company stock worth $6,227,201. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Mizuho upped their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Scotiabank boosted their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Wells Fargo & Company boosted their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $94.35.

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.