Dover Advisors LLC Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Dover Advisors LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,220 shares of the software maker’s stock after selling 1,496 shares during the period. Dover Advisors LLC’s holdings in Fortinet were worth $1,249,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Manchester Capital Management LLC boosted its position in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position 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 valued at $646,000 after buying an additional 107 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Fortinet by 1.4% during the fourth 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 last quarter. Versant Capital Management Inc boosted its position in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the last quarter. Finally, Diversified Trust Co boosted its position in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,110 shares of company stock worth $8,751,689 in the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $110.02 on Monday. 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 market capitalization of $84.32 billion, a PE ratio of 48.68, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The business’s 50-day moving average price is $100.12 and its 200-day moving average price is $88.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 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 forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Mizuho boosted their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler reissued an “overweight” rating and issued a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. One equities 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.72.

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.