Phoenix Financial Ltd. Has $1.90 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Phoenix Financial Ltd. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 40.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 20,100 shares of the software maker's stock after selling 13,659 shares during the period. Phoenix Financial Ltd.'s holdings in Fortinet were worth $1,899,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Edmond DE Rothschild Holding S.A. bought a new stake in Fortinet during the fourth quarter valued at $27,000. Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of Fortinet in the fourth quarter worth $56,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company's stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 576,944 shares of company stock worth $56,944,064 in the last quarter. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on FTNT. Jefferies Financial Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. Citigroup increased their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research report on Friday, February 7th. Finally, Susquehanna boosted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. One research 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 stock currently has a consensus rating of "Hold" and a consensus target price of $105.17.

Fortinet Trading Down 1.2 %

Shares of FTNT traded down $1.23 on Wednesday, hitting $97.97. 1,955,756 shares of the stock traded hands, compared to its average volume of 5,055,603. The firm has a market capitalization of $75.34 billion, a P/E ratio of 43.35, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $54.57 and a 1 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. The stock's 50 day moving average is $101.45 and its two-hundred day moving average is $94.89.

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%. As a group, sell-side analysts predict 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.