Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Sciencast Management LP

Sciencast Management LP cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 86.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,390 shares of the software maker’s stock after selling 27,432 shares during the period. Sciencast Management LP’s holdings in Fortinet were worth $415,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter worth approximately $46,000. LFA Lugano Financial Advisors SA lifted its position in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA lifted its position in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd acquired a new stake in Fortinet in the fourth quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC lifted its position in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $98.65 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The business has a fifty day simple moving average of $102.34 and a 200 day simple moving average of $92.42. The firm has a market cap of $75.86 billion, a price-to-earnings ratio of 43.65, a P/E/G ratio of 4.19 and a beta of 0.97.

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

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research analyst reports. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday. UBS Group set a $123.00 target price on Fortinet in a research report on Tuesday. Rosenblatt Securities upped their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $105.69.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last three months. 18.00% of the stock is currently owned by 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.