Y.D. More Investments Ltd Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Y.D. More Investments Ltd trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,417 shares of the software maker's stock after selling 5,576 shares during the period. Y.D. More Investments Ltd's holdings in Fortinet were worth $5,141,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Jackson Wealth Management LLC bought a new position in Fortinet during the 4th quarter worth approximately $4,731,000. Groesbeck Investment Management Corp NJ lifted its stake in Fortinet by 5.5% during the fourth quarter. Groesbeck Investment Management Corp NJ now owns 14,649 shares of the software maker's stock worth $1,384,000 after purchasing an additional 765 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Fortinet by 0.6% during the fourth quarter. Stratos Wealth Partners LTD. now owns 66,816 shares of the software maker's stock valued at $6,313,000 after purchasing an additional 383 shares during the last quarter. Patron Partners LLC boosted its position in Fortinet by 3.7% during the 4th quarter. Patron Partners LLC now owns 11,002 shares of the software maker's stock valued at $1,039,000 after purchasing an additional 389 shares during the period. Finally, Columbus Macro LLC increased its position in Fortinet by 29.2% in the fourth quarter. Columbus Macro LLC now owns 3,908 shares of the software maker's stock worth $369,000 after buying an additional 883 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 1.9 %

NASDAQ:FTNT opened at $102.78 on Wednesday. The business's 50-day simple moving average is $96.70 and its 200-day simple moving average is $83.92. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $102.87. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $78.78 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the prior year, the firm posted $0.35 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research note on Tuesday, November 19th. Wedbush increased their price objective on Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a research report on Friday, January 24th. Finally, UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $97.73.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company's stock.

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.

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