Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,719 shares of the software maker’s stock after selling 1,754 shares during the quarter. Wealthspire Advisors LLC’s holdings in Fortinet were worth $446,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new position in Fortinet during the 4th quarter worth $46,000. R Squared Ltd acquired a new position in Fortinet during the 4th quarter worth $65,000. Finally, Venturi Wealth Management LLC boosted its position in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,460 shares of company stock worth $7,063,290 in the last 90 days. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Mizuho boosted their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Robert W. Baird reiterated a “neutral” rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Cantor Fitzgerald upped their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Stifel Nicolaus upped their price objective on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. One 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

FTNT opened at $109.02 on Thursday. The company has a market cap of $83.56 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The stock has a 50-day moving average of $100.85 and a 200-day moving average of $89.36. 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.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results 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%. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.