Boomfish Wealth Group LLC Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

Boomfish Wealth Group LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 29,830 shares of the software maker’s stock after selling 2,654 shares during the period. Fortinet comprises approximately 1.7% of Boomfish Wealth Group LLC’s holdings, making the stock its 16th biggest holding. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,818,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Cibc World Market Inc. grew its position in Fortinet by 3.1% in the fourth quarter. Cibc World Market Inc. now owns 228,835 shares of the software maker’s stock valued at $21,620,000 after acquiring an additional 6,988 shares in the last quarter. Mediolanum International Funds Ltd lifted its holdings in Fortinet by 10.2% in the fourth quarter. Mediolanum International Funds Ltd now owns 253,257 shares of the software maker’s stock worth $24,033,000 after acquiring an additional 23,445 shares during the last quarter. Capital Investment Advisory Services LLC boosted its position in Fortinet by 5.4% during the 4th quarter. Capital Investment Advisory Services LLC now owns 4,455 shares of the software maker’s stock valued at $421,000 after purchasing an additional 230 shares during the period. OLD National Bancorp IN boosted its stake in Fortinet by 47.5% during the 4th quarter. OLD National Bancorp IN now owns 198,677 shares of the software maker’s stock valued at $18,771,000 after purchasing an additional 64,017 shares during the period. Finally, Synergy Asset Management LLC acquired a new stake in Fortinet in the 4th quarter valued at approximately $269,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FTNT shares. UBS Group lifted their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group raised their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Scotiabank lifted their target price on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday, January 21st. Finally, Robert W. Baird lifted their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $96.83.

Fortinet Trading Up 1.6 %

Fortinet stock opened at $100.93 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a 50-day moving average of $96.25 and a 200-day moving average of $82.69. The company has a market cap of $77.36 billion, a price-to-earnings ratio of 50.97, a P/E/G ratio of 2.61 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $102.17.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the prior year, the firm earned $0.35 earnings per share. On average, equities analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

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.