IQ EQ FUND MANAGEMENT IRELAND Ltd Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 37.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 57,457 shares of the software maker’s stock after selling 35,037 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Fortinet were worth $5,429,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FTNT. Manchester Capital Management LLC lifted its position in Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the period. Fielder Capital Group LLC grew its position in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after buying an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares during the period. Finally, Truvestments Capital LLC raised its position in Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after buying an additional 127 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTNT. Cantor Fitzgerald boosted their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, Jefferies Financial Group increased their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $105.69.

Fortinet Stock Performance

Shares of FTNT opened at $101.01 on Thursday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company’s 50 day simple moving average is $102.81 and its 200 day simple moving average is $92.95. The company has a market capitalization of $77.67 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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

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.