Guggenheim Capital LLC Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Guggenheim Capital LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 493,747 shares of the software maker's stock after selling 75,430 shares during the quarter. Guggenheim Capital LLC owned about 0.06% of Fortinet worth $46,649,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after purchasing an additional 107 shares during the last quarter. Fielder Capital Group LLC increased its holdings in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after buying an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC raised its holdings in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after buying an additional 116 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTNT. Rosenblatt Securities lifted their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, February 7th. StockNews.com cut Fortinet from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. Royal Bank of Canada upped their target price on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a report on Friday, February 7th. Piper Sandler reissued an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $105.17.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 1,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $99.32, for a total value of $99,320.00. Following the completion of the sale, the director now directly owns 20,612 shares in the company, valued at $2,047,183.84. The trade was a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 328 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 576,944 shares of company stock worth $56,944,064 in the last 90 days. Insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.1 %

NASDAQ:FTNT traded up $0.06 during trading hours on Friday, reaching $96.13. The company had a trading volume of 2,979,093 shares, compared to its average volume of 5,076,736. The firm 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, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business's 50-day simple moving average is $100.95 and its two-hundred day simple moving average is $95.03. 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 issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.