Convergence Financial LLC Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Convergence Financial LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,355 shares of the software maker’s stock after selling 310 shares during the period. Convergence Financial LLC’s holdings in Fortinet were worth $2,679,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Manchester Capital Management LLC grew its stake in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in 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 period. Versant Capital Management Inc lifted its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares in the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after acquiring an additional 135 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Citigroup raised their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Royal Bank of Canada raised their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $109.02 on Thursday. The firm’s 50-day moving average price is $100.85 and its 200-day moving average price is $89.36. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 $83.56 billion, a P/E ratio of 48.24, a P/E/G ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.