Fortinet, Inc. (NASDAQ:FTNT) Stake Lessened by Quantum Private Wealth LLC

Quantum Private Wealth LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,805 shares of the software maker’s stock after selling 1,000 shares during the quarter. Quantum Private Wealth LLC’s holdings in Fortinet were worth $643,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Manchester Capital Management LLC grew its stake in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the last quarter. Versant Capital Management Inc increased its stake in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co raised its stake in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after purchasing an additional 135 shares in the last quarter. Finally, Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $111.64 on Friday. The company has a market cap of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. 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’s fifty day moving average price is $98.60 and its two-hundred day moving average price is $86.57. Fortinet, Inc. has a one year low of $54.57 and a one year high of $112.37.

Fortinet (NASDAQ:FTNT) last posted 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 463.85% and a net margin of 29.30%. Equities analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Truist Financial restated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Jefferies Financial Group upped their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the 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 transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by corporate insiders.

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.