Blue Trust Inc. Sells 6,725 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Blue Trust Inc. reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 47.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,398 shares of the software maker's stock after selling 6,725 shares during the period. Blue Trust Inc.'s holdings in Fortinet were worth $699,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in FTNT. Eastern Bank acquired a new stake in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter valued at $46,000. Finally, R Squared Ltd acquired a new position in shares of Fortinet during the 4th quarter valued at $65,000. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on FTNT. Piper Sandler reaffirmed an "overweight" rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Scotiabank boosted their target price on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research report on Friday, February 7th. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. JPMorgan Chase & Co. raised their price objective on Fortinet from $99.00 to $105.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Finally, Hsbc Global Res upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $103.72.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 355 shares of the business's stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now 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 disclosure for this purchase can be found here. In the last three months, insiders have sold 63,610 shares of company stock worth $6,083,029. Company insiders own 18.00% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock traded down $0.38 on Thursday, reaching $114.19. 6,894,667 shares of the company traded hands, compared to its average volume of 4,658,832. The company has a 50 day moving average of $99.56 and a 200 day moving average of $87.75. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market capitalization of $87.52 billion, a PE ratio of 50.53, a PEG ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities analysts forecast 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.