Fortinet, Inc. (NASDAQ:FTNT) Stake Trimmed by Aldebaran Financial Inc.

Aldebaran Financial Inc. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,443 shares of the software maker's stock after selling 5,065 shares during the quarter. Fortinet comprises approximately 8.2% of Aldebaran Financial Inc.'s portfolio, making the stock its 2nd biggest holding. Aldebaran Financial Inc.'s holdings in Fortinet were worth $6,987,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the 4th quarter valued at about $27,000. Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC acquired a new position in Fortinet during the fourth quarter worth approximately $43,000. Golden State Wealth Management LLC purchased a new position in Fortinet during the fourth quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the 4th quarter valued at $56,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FTNT shares. Rosenblatt Securities increased 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. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a report on Friday, February 7th. Guggenheim restated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a research note on Tuesday. Finally, The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet presently has an average rating of "Hold" and a consensus target price of $104.77.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 328 shares of the stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 576,944 shares of company stock worth $56,944,064 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ FTNT traded up $1.08 on Friday, hitting $101.80. The stock had a trading volume of 3,349,355 shares, compared to its average volume of 5,084,546. The company's 50-day moving average is $99.33 and its two-hundred day moving average is $95.84. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $78.28 billion, a price-to-earnings ratio of 45.04, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, analysts expect that Fortinet, Inc. will post 2.09 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.