Fortinet, Inc. (NASDAQ:FTNT) Position Cut by Polianta Ltd

Polianta Ltd trimmed its stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 9.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 16,300 shares of the software maker’s stock after selling 1,700 shares during the quarter. Polianta Ltd’s holdings in Fortinet were worth $954,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fund Management at Engine No. 1 LLC grew its stake in shares of Fortinet by 7.9% in the second quarter. Fund Management at Engine No. 1 LLC now owns 8,486 shares of the software maker’s stock worth $641,000 after purchasing an additional 620 shares in the last quarter. Cito Capital Group LLC bought a new position in shares of Fortinet in the third quarter worth $660,000. First Merchants Corp grew its stake in shares of Fortinet by 27.7% in the third quarter. First Merchants Corp now owns 104,974 shares of the software maker’s stock worth $6,160,000 after purchasing an additional 22,754 shares in the last quarter. Alamar Capital Management LLC lifted its stake in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after acquiring an additional 7,110 shares during the period. Finally, Inspire Investing LLC lifted its stake in shares of Fortinet by 1,409.5% in the 3rd quarter. Inspire Investing LLC now owns 78,720 shares of the software maker’s stock worth $4,619,000 after acquiring an additional 73,505 shares during the period. 65.00% of the stock is currently owned by institutional investors.

Fortinet Stock Down 1.9 %

Shares of NASDAQ FTNT traded down $1.32 during mid-day trading on Friday, reaching $66.72. The company had a trading volume of 10,117,981 shares, compared to its average volume of 6,704,485. The stock has a fifty day moving average of $66.97 and a two-hundred day moving average of $60.37. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a market capitalization of $50.91 billion, a price-to-earnings ratio of 46.01, a PEG ratio of 3.11 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the business posted $0.38 earnings per share. Fortinet’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,415 shares of company stock valued at $10,672,669. 17.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Tuesday, February 13th. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a report on Wednesday, February 7th. Rosenblatt Securities upped their price objective on Fortinet from $65.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, Wedbush upped their price objective on Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $71.55.

Read Our Latest Stock Analysis on FTNT

Fortinet Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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