Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Woodstock Corp

Woodstock Corp reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 290,181 shares of the software maker's stock after selling 6,406 shares during the period. Fortinet makes up 2.6% of Woodstock Corp's investment portfolio, making the stock its 7th largest holding. Woodstock Corp's holdings in Fortinet were worth $27,416,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Decker Retirement Planning Inc. acquired a new position in shares of Fortinet during the fourth quarter worth about $4,817,000. Occidental Asset Management LLC grew its holdings in Fortinet by 30.2% during the fourth quarter. Occidental Asset Management LLC now owns 3,725 shares of the software maker's stock worth $352,000 after acquiring an additional 865 shares during the period. Empirical Asset Management LLC purchased a new position in Fortinet in the fourth quarter worth $1,864,000. Retireful LLC lifted its holdings in Fortinet by 216.3% in the fourth quarter. Retireful LLC now owns 25,279 shares of the software maker's stock valued at $2,388,000 after acquiring an additional 17,288 shares during the period. Finally, Ritholtz Wealth Management boosted its position in shares of Fortinet by 42.5% during the 4th quarter. Ritholtz Wealth Management now owns 4,909 shares of the software maker's stock worth $464,000 after purchasing an additional 1,465 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom acquired 355 shares of the business's stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company's stock.

Fortinet Trading Up 0.2 %

FTNT traded up $0.18 during trading on Friday, hitting $94.23. 4,555,520 shares of the company's stock were exchanged, compared to its average volume of 4,023,512. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $72.22 billion, a P/E ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The stock has a 50 day moving average price of $95.63 and a 200 day moving average price of $80.10. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Wall Street Analyst Weigh In

A number of analysts recently commented on FTNT shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a report on Tuesday, November 19th. Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday. Robert W. Baird upped their target price on Fortinet from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Tuesday, November 19th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and lifted their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $95.16.

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.