Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,073,021 shares of the software maker's stock after selling 282,148 shares during the period. Thrivent Financial for Lutherans owned approximately 0.14% of Fortinet worth $101,379,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the 4th quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA increased its holdings in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA increased its holdings in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after purchasing an additional 307 shares in the last quarter. R Squared Ltd purchased a new position in shares of Fortinet during the 4th quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. Citigroup lifted their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a report on Thursday, December 19th. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Friday. Piper Sandler reissued an "overweight" rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.69.

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Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last three months. Insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.2 %

Shares of FTNT stock traded up $0.20 during trading hours on Friday, reaching $98.65. 5,778,320 shares of the stock were exchanged, compared to its average volume of 4,802,157. The business's fifty day moving average is $102.34 and its two-hundred day moving average is $92.42. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $75.86 billion, a P/E ratio of 43.65, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate 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, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.