Rockefeller Capital Management L.P. Sells 36,209 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Rockefeller Capital Management L.P. cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 359,260 shares of the software maker's stock after selling 36,209 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in Fortinet were worth $33,939,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the 4th quarter worth approximately $27,000. Oarsman Capital Inc. boosted its stake 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 buying an additional 272 shares in the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $43,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the 4th quarter worth $56,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom bought 328 shares of the company's 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 transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 576,944 shares of company stock worth $56,944,064. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FTNT shares. Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. UBS Group set a $123.00 price target on shares of Fortinet in a research note on Tuesday, March 18th. Morgan Stanley reduced their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Citigroup raised their target price on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $105.17.

Fortinet Stock Up 0.1 %

FTNT stock traded up $0.06 during midday trading on Friday, reaching $96.13. 2,979,093 shares of the company's stock traded hands, compared to its average volume of 5,084,694. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm's fifty day moving average price is $100.70 and its 200-day moving average price is $95.16. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market cap of $73.92 billion, a price-to-earnings ratio of 42.54, a P/E/G ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side 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.