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

Xponance Inc. lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,013 shares of the software maker's stock after selling 14,538 shares during the period. Xponance Inc.'s holdings in Fortinet were worth $14,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new position in Fortinet during the 4th quarter valued at about $46,000. LFA Lugano Financial Advisors SA increased its holdings in 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 during the period. Private Trust Co. NA increased its holdings in 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 during the period. R Squared Ltd purchased a new position in Fortinet during the 4th quarter valued at about $65,000. Finally, Venturi Wealth Management LLC increased its holdings in 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 during the period. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FTNT shares. Raymond James reiterated a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. Robert W. Baird restated a "neutral" rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research note on Friday, February 7th. Susquehanna upped their price objective on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Finally, Stifel Nicolaus upped their price objective on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus target price of $105.69.

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Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 0.2 %

Shares of Fortinet stock traded up $0.20 on Friday, hitting $98.65. 5,778,320 shares of the company traded hands, compared to its average volume of 4,802,157. The stock's 50 day moving average price is $102.34 and its 200-day moving average price is $92.42. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. 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 $75.86 billion, a PE ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results 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 net margin of 29.30% and a return on equity of 256.53%. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.