Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lessened by Sage Mountain Advisors LLC

Sage Mountain Advisors LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,448 shares of the software maker’s stock after selling 286 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Fortinet were worth $6,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in FTNT. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter worth approximately $26,000. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter valued at approximately $46,000. Private Trust Co. NA raised its position in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares in the last quarter. R Squared Ltd bought a new position in Fortinet during the fourth quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC raised its position in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 5.2 %

Shares of FTNT stock opened at $96.04 on Tuesday. The stock has a market cap of $73.85 billion, a P/E ratio of 42.50, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a fifty day moving average price of $102.08 and a 200 day moving average price of $91.19. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. BMO Capital Markets raised their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald raised 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, February 4th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Truist Financial reiterated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.72.

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.