Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by RPG Investment Advisory LLC

RPG Investment Advisory LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 211,235 shares of the software maker’s stock after selling 1,460 shares during the period. Fortinet makes up 2.7% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 8th largest holding. RPG Investment Advisory LLC’s holdings in Fortinet were worth $19,957,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter valued at about $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC raised its position in 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 acquiring an additional 173 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Fortinet during the fourth quarter worth about $46,000. Finally, R Squared Ltd acquired a new position in Fortinet during the fourth quarter worth about $65,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. Robert W. Baird restated a “neutral” rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Susquehanna lifted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Finally, Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Price Performance

FTNT opened at $110.02 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a 50 day moving average of $100.12 and a two-hundred day moving average of $88.67. The company has a market cap of $84.32 billion, a P/E ratio of 48.68, a P/E/G ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,110 shares of company stock valued at $8,751,689. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.