Covestor Ltd Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Covestor Ltd cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,133 shares of the software maker’s stock after selling 793 shares during the period. Covestor Ltd’s holdings in Fortinet were worth $107,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. boosted its stake in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $43,000. Golden State Wealth Management LLC bought a new position in Fortinet in the fourth quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in Fortinet in the fourth quarter worth about $56,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Jefferies Financial Group reduced their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Royal Bank of Canada increased their price objective on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. UBS Group set a $123.00 price objective on Fortinet in a research report on Tuesday, March 18th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company lifted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $105.77.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.73 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $75.15 billion, a price-to-earnings ratio of 43.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a 50 day moving average of $101.72 and a 200 day moving average of $94.60.

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

Fortinet Company Profile

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.