Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by IFP Advisors Inc

IFP Advisors Inc trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 6.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,235 shares of the software maker’s stock after selling 3,623 shares during the quarter. IFP Advisors Inc’s holdings in Fortinet were worth $2,999,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Alliancebernstein L.P. boosted its holdings in Fortinet by 2.1% during the 2nd quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after acquiring an additional 595,952 shares during the period. State Street Corp boosted its holdings in Fortinet by 2.5% during the 2nd quarter. State Street Corp now owns 26,042,793 shares of the software maker’s stock valued at $1,968,575,000 after acquiring an additional 647,200 shares during the period. Geode Capital Management LLC boosted its holdings in Fortinet by 1.0% during the 1st quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after acquiring an additional 147,048 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in Fortinet by 125,937.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after acquiring an additional 14,586,086 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares during the period. 65.00% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, EVP Patrice Perche sold 7,535 shares of the company’s stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $58.22, for a total transaction of $438,687.70. Following the sale, the executive vice president now owns 25,730 shares in the company, valued at $1,498,000.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Patrice Perche sold 7,535 shares of the stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $58.22, for a total transaction of $438,687.70. Following the sale, the executive vice president now directly owns 25,730 shares in the company, valued at approximately $1,498,000.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the sale, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The disclosure for this sale can be found here. Insiders have sold 162,415 shares of company stock worth $10,672,669 over the last quarter. 17.54% of the stock is owned by corporate insiders.

Fortinet Trading Down 1.9 %

Shares of FTNT opened at $66.72 on Friday. The stock’s 50-day moving average is $66.97 and its two-hundred day moving average is $60.37. The stock has a market cap of $50.91 billion, a PE ratio of 46.01, a P/E/G 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. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FTNT. Scotiabank lifted their price objective on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Wednesday, February 7th. HSBC cut Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a research note on Wednesday, February 7th. UBS Group lifted their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Stifel Nicolaus boosted their target price on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. Finally, Rosenblatt Securities boosted their target price on Fortinet from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.55.

Get Our Latest Research Report 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.

Featured Articles

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNTFree Report).

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.