Xponance Inc. Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Xponance Inc. reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 178,106 shares of the software maker’s stock after selling 3,391 shares during the quarter. Xponance Inc.’s holdings in Fortinet were worth $10,425,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in FTNT. Headinvest LLC purchased a new position in Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet in the fourth quarter valued at about $29,000. Retirement Group LLC purchased a new position in Fortinet in the fourth quarter valued at about $30,000. Resurgent Financial Advisors LLC purchased a new position in Fortinet in the fourth quarter valued at about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in Fortinet in the third quarter valued at about $37,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is currently owned by insiders.

Fortinet Stock Performance

Fortinet stock traded down $0.02 on Friday, reaching $64.01. 423,291 shares of the stock were exchanged, compared to its average volume of 5,852,161. The stock has a market cap of $48.84 billion, a PE ratio of 44.16, a PEG ratio of 2.87 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The firm has a fifty day moving average price of $68.64 and a two-hundred day moving average price of $61.52.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. Sell-side analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wedbush raised their price objective on Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. BMO Capital Markets lifted their target price on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, Piper Sandler reissued a “neutral” rating and set a $75.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.19.

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.