Fortinet, Inc. (NASDAQ:FTNT) Position Cut by Stephens Investment Management Group LLC

Stephens Investment Management Group LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 132,419 shares of the software maker’s stock after selling 18,162 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Fortinet were worth $12,511,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC grew its holdings in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter valued at approximately $46,000. Finally, City State Bank raised its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group raised their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday. Scotiabank raised their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday. Citigroup upped their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Robert W. Baird reiterated a “neutral” rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Barclays upped their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $101.43.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s 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 completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale 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 corporate insiders.

Fortinet Price Performance

FTNT opened at $107.66 on Monday. The stock has a fifty day moving average price of $97.38 and a 200 day moving average price of $84.94. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $110.53. The stock has a market cap of $82.52 billion, a price-to-earnings ratio of 47.64, a PEG ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Fortinet Company 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.