Wedbush Securities Inc. Has $1.44 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Wedbush Securities Inc. reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 15,241 shares of the software maker’s stock after selling 249 shares during the period. Wedbush Securities Inc.’s holdings in Fortinet were worth $1,440,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Fortinet in the fourth quarter valued at approximately $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet in the 4th quarter worth $389,867,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Amundi grew its stake in shares of Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on FTNT. JPMorgan Chase & Co. boosted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Finally, Robert W. Baird reiterated a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $105.77.

Fortinet Stock Down 5.3 %

Fortinet stock opened at $84.71 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company’s 50-day moving average is $102.59 and its 200-day moving average is $94.00. The firm has a market capitalization of $65.14 billion, a PE ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

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

Insider Activity at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 599,988 shares of company stock worth $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet 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.