Archford Capital Strategies LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Archford Capital Strategies LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 16.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,266 shares of the software maker’s stock after selling 840 shares during the period. Archford Capital Strategies LLC’s holdings in Fortinet were worth $403,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Eastern Bank acquired a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank boosted its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FTNT shares. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Citigroup raised their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Stifel Nicolaus upped their price target on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $100.00 to $120.00 in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $96.83.

Fortinet Stock Down 0.6 %

FTNT stock opened at $96.90 on Monday. The company has a 50 day moving average price of $95.70 and a two-hundred day moving average price of $81.90. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market capitalization of $74.27 billion, a P/E ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00.

Fortinet (NASDAQ:FTNT) last released its 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. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the firm posted $0.35 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

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.