Whittier Trust Co. of Nevada Inc. Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Whittier Trust Co. of Nevada Inc. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,892 shares of the software maker’s stock after selling 1,393 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Fortinet were worth $2,446,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FTNT. FMR LLC grew its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Amundi grew its stake in shares of Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after buying an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after buying an additional 1,682,708 shares during the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Fortinet in the 4th quarter valued at about $69,381,000. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were acquired 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.2 %

Shares of NASDAQ:FTNT opened at $98.65 on Friday. The business’s 50-day moving average is $102.34 and its 200 day moving average is $92.31. 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, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market capitalization of $75.86 billion, a P/E ratio of 43.65, a P/E/G ratio of 4.19 and a beta of 0.97.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. UBS Group set a $123.00 price objective on Fortinet in a research report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, Rosenblatt Securities increased their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $105.69.

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.