Stephens Inc. AR Sells 4,840 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Stephens Inc. AR trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 44.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,971 shares of the software maker's stock after selling 4,840 shares during the period. Stephens Inc. AR's holdings in Fortinet were worth $564,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. SeaCrest Wealth Management LLC bought a new position in Fortinet during the third quarter valued at approximately $329,000. Bleakley Financial Group LLC grew its holdings in shares of Fortinet by 4.8% in the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker's stock worth $672,000 after purchasing an additional 399 shares during the last quarter. Marshall Financial Group LLC bought a new position in shares of Fortinet in the third quarter worth approximately $205,000. TruWealth Advisors LLC lifted its stake in Fortinet by 6.0% in the third quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker's stock worth $665,000 after acquiring an additional 487 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Fortinet by 1.5% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 240,059 shares of the software maker's stock worth $18,617,000 after acquiring an additional 3,517 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on FTNT shares. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Wells Fargo & Company raised their price objective on Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. TD Cowen raised their price target on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. Guggenheim restated a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Baird R W downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average price target of $103.72.

Fortinet Stock Performance

Shares of FTNT stock traded up $2.46 during trading hours on Tuesday, reaching $114.10. 1,882,582 shares of the company traded hands, compared to its average volume of 4,419,220. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market cap of $87.45 billion, a P/E ratio of 50.51, a P/E/G ratio of 2.75 and a beta of 1.01. The firm has a 50-day moving average price of $98.89 and a 200 day moving average price of $87.15.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This 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 valued at $6,083,029. Corporate insiders own 18.00% of the company's stock.

About Fortinet

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.