Great Valley Advisor Group Inc. Has $323,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Great Valley Advisor Group Inc. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,519 shares of the software maker’s stock after selling 2,795 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Fortinet were worth $323,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FTNT. Commonwealth Equity Services LLC increased its holdings in Fortinet by 7.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 129,130 shares of the software maker’s stock valued at $7,577,000 after buying an additional 8,402 shares during the period. Pinnacle Associates Ltd. increased its holdings in Fortinet by 26.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 5,717 shares of the software maker’s stock valued at $335,000 after buying an additional 1,201 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Fortinet by 5.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 123,042 shares of the software maker’s stock valued at $7,220,000 after buying an additional 6,815 shares during the period. Concord Wealth Partners grew its holdings in shares of Fortinet by 131.4% in the 3rd quarter. Concord Wealth Partners now owns 2,525 shares of the software maker’s stock worth $148,000 after purchasing an additional 1,434 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Fortinet by 92.2% in the 3rd quarter. Mackenzie Financial Corp now owns 147,644 shares of the software maker’s stock worth $8,506,000 after purchasing an additional 70,822 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ FTNT opened at $58.88 on Monday. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a market capitalization of $44.94 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08. The firm’s 50 day moving average is $67.53 and its 200-day moving average is $61.92.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 earnings per share. Equities research analysts anticipate that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and upped their target price for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Evercore ISI lowered their target price on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday. The Goldman Sachs Group upped their price target on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. BMO Capital Markets reduced their price target on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday. Finally, Barclays reduced their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $70.87.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock valued at $8,021,556 over the last ninety days. 17.54% of the stock is currently owned by company insiders.

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.