Spire Wealth Management Sells 62,509 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Spire Wealth Management reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 83.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,157 shares of the software maker’s stock after selling 62,509 shares during the quarter. Spire Wealth Management’s holdings in Fortinet were worth $740,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FTNT. Nordea Investment Management AB lifted its holdings in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after buying an additional 5,765,174 shares in the last quarter. Morgan Stanley boosted its holdings in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after purchasing an additional 108,548 shares during the period. Invesco Ltd. lifted its position in shares of Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after buying an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fortinet by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after buying an additional 153,119 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in Fortinet by 17.6% during the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after acquiring an additional 438,476 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet 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 completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value 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 $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,480 shares of company stock worth $8,021,556. Insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FTNT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, May 3rd. Barclays lowered their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, May 3rd. Evercore ISI reduced their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Finally, Mizuho dropped their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $70.37.

Fortinet Stock Performance

Shares of FTNT stock opened at $59.63 on Thursday. The firm has a 50 day moving average of $66.93 and a 200-day moving average of $61.97. The company has a market cap of $45.52 billion, a price-to-earnings ratio of 38.97, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the previous year, the company posted $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities analysts forecast that Fortinet, Inc. will post 1.4 earnings per share for the current year.

Fortinet 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.