Corient Private Wealth LLC Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Corient Private Wealth LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the 4th quarter, Holdings Channel reports. The firm owned 134,187 shares of the software maker’s stock after selling 2,515 shares during the quarter. Corient Private Wealth LLC’s holdings in Fortinet were worth $12,678,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FTNT. OneDigital Investment Advisors LLC lifted its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares in the last quarter. Natixis Advisors LLC lifted its stake in Fortinet by 2.2% in the 3rd quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after purchasing an additional 3,836 shares in the last quarter. Aviance Capital Partners LLC purchased a new stake in Fortinet in the 3rd quarter worth $236,000. Pathstone Holdings LLC lifted its stake in Fortinet by 3.9% in the 3rd quarter. Pathstone Holdings LLC now owns 58,352 shares of the software maker’s stock worth $4,525,000 after purchasing an additional 2,196 shares in the last quarter. Finally, BIP Wealth LLC purchased a new stake in Fortinet in the 3rd quarter worth $295,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of several recent research reports. Mizuho upped their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Cantor Fitzgerald upped their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. UBS Group set a $123.00 target price on shares of Fortinet in a research report on Tuesday. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $105.69.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last 90 days. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $98.17 on Thursday. 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 firm’s 50 day moving average price is $102.21 and its 200-day moving average price is $92.12. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a market cap of $75.49 billion, a PE ratio of 43.44, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.