Pine Valley Investments Ltd Liability Co Sells 3,384 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pine Valley Investments Ltd Liability Co cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 123,213 shares of the software maker’s stock after selling 3,384 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Fortinet were worth $11,641,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State Street Corp boosted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after buying an additional 542,727 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares in the last quarter. Finally, FMR LLC raised its position in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $108.69 on Tuesday. 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 stock has a market cap of $83.31 billion, a price-to-earnings ratio of 48.09, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The firm has a 50-day moving average of $100.33 and a two-hundred day moving average of $88.95. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results 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 return on equity of 256.53% and a net margin of 29.30%. On average, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. 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 report on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Wedbush boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a 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 issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,460 shares of company stock valued at $7,063,290. 18.00% of the stock is currently owned by corporate insiders.

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.