Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by RMR Wealth Builders

RMR Wealth Builders lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp raised its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the last quarter. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after purchasing an additional 68,852 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday. Stifel Nicolaus lifted their price target on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. UBS Group increased their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group boosted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Finally, Barclays raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.35.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $94.05 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company’s 50-day moving average price is $95.43 and its 200 day moving average price is $80.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The stock has a market cap of $72.08 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 2.51 and a beta of 1.00.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by insiders.

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.