Wells Fargo & Company MN Sells 94,938 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wells Fargo & Company MN decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 739,330 shares of the software maker's stock after selling 94,938 shares during the quarter. Wells Fargo & Company MN owned 0.10% of Fortinet worth $69,852,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet in the fourth quarter valued at approximately $27,000. Graney & King LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. Runnymede Capital Advisors Inc. acquired a new stake in shares of Fortinet in the 4th quarter worth $56,000. Finally, LFA Lugano Financial Advisors SA grew its holdings in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after acquiring an additional 490 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Fortinet stock traded up $0.13 during mid-day trading on Monday, hitting $97.86. 683,022 shares of the company's stock traded hands, compared to its average volume of 5,057,979. The company has a market cap of $75.25 billion, a PE ratio of 43.30, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The firm has a 50 day moving average price of $101.72 and a 200 day moving average price of $94.72. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. 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 announced its earnings results 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%. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on FTNT shares. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a research note on Thursday, December 19th. Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Baird R W cut Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $105.77.

Insider Buying and Selling

In other 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, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated 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. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 in the last three months. 18.00% of the stock is currently owned by insiders.

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.