Net Worth Advisory Group Has $788,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Net Worth Advisory Group lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 8,344 shares of the software maker’s stock after selling 165 shares during the period. Net Worth Advisory Group’s holdings in Fortinet were worth $788,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. State Street Corp raised its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC raised its holdings in Fortinet by 2.4% in 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 in the last quarter. Amundi raised its holdings in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Fortinet by 10.3% in the 3rd 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 valued at $448,854,000 after acquiring an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after acquiring an additional 156,766 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. The Goldman Sachs Group upped their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Wells Fargo & Company upped their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

Insider Activity

In other news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 87,120 shares of company stock valued at $8,991,409 in the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Stock Down 5.2 %

NASDAQ:FTNT opened at $96.04 on Tuesday. The stock’s fifty day moving average price is $102.08 and its two-hundred day moving average price is $91.19. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market cap of $73.85 billion, a price-to-earnings ratio of 42.50, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.