Blair William & Co. IL Lowers Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Blair William & Co. IL reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,270 shares of the software maker’s stock after selling 10,764 shares during the period. Blair William & Co. IL’s holdings in Fortinet were worth $20,150,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Graney & King LLC purchased a new position in Fortinet in the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC bought a new position in Fortinet in the fourth quarter valued at $46,000. Runnymede Capital Advisors Inc. purchased a new stake in Fortinet during the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA lifted its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the last quarter. Finally, Private Trust Co. NA boosted its holdings in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FTNT shares. Cantor Fitzgerald raised their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, March 21st. Rosenblatt Securities boosted their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, The Goldman Sachs Group raised their price objective on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Down 3.0 %

Shares of Fortinet stock opened at $96.60 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97. The company has a 50-day moving average of $102.97 and a 200 day moving average of $93.14. 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 (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.