Savant Capital LLC Sells 1,660 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Savant Capital LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 61,874 shares of the software maker’s stock after selling 1,660 shares during the quarter. Savant Capital LLC’s holdings in Fortinet were worth $5,846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTNT. Eastern Bank purchased a new stake in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank boosted its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the third quarter worth about $46,000. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $109.55 on Tuesday. The company has a market capitalization of $83.96 billion, a P/E ratio of 48.47, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $97.67 and a 200 day moving average of $85.31. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $110.99.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FTNT shares. Rosenblatt Securities increased their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $102.77.

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.