Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Optimist Retirement Group LLC

Optimist Retirement Group LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,905 shares of the software maker’s stock after selling 175 shares during the quarter. Optimist Retirement Group LLC’s holdings in Fortinet were worth $463,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. First Hawaiian Bank acquired a new stake in Fortinet during the 4th quarter worth $670,000. LVM Capital Management Ltd. MI boosted its stake in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the period. Apollon Wealth Management LLC grew its holdings in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its position in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in Fortinet during the 3rd quarter valued at approximately $10,343,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Fortinet stock opened at $105.07 on Thursday. The stock has a fifty day moving average of $96.92 and a two-hundred day moving average of $84.07. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $105.12. The company has a market capitalization of $80.53 billion, a price-to-earnings ratio of 53.07, a PEG ratio of 2.65 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm posted $0.35 EPS. On average, analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred 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 completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was 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 available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last 90 days. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FTNT. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley upped their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Rosenblatt Securities increased their price target on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $97.73.

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.