Daymark Wealth Partners LLC Reduces Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Daymark Wealth Partners LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 249,169 shares of the software maker’s stock after selling 4,438 shares during the period. Fortinet makes up 0.8% of Daymark Wealth Partners LLC’s investment portfolio, making the stock its 29th largest position. Daymark Wealth Partners LLC’s holdings in Fortinet were worth $23,541,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Eagle Capital Management LLC increased its position in shares of Fortinet by 2.2% during the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after purchasing an additional 544 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of Fortinet by 190.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock worth $87,000 after purchasing an additional 952 shares during the period. Canada Pension Plan Investment Board increased its holdings in Fortinet by 6.5% in the second quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker’s stock valued at $9,973,000 after buying an additional 10,145 shares in the last quarter. Summit Trail Advisors LLC boosted its position in Fortinet by 30.4% during the second quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker’s stock worth $329,000 after purchasing an additional 1,274 shares in the last quarter. Finally, Frank Rimerman Advisors LLC lifted its holdings in shares of Fortinet by 37,340.0% in the second quarter. Frank Rimerman Advisors LLC now owns 11,232 shares of the software maker’s stock valued at $677,000 after purchasing an additional 11,202 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Robert W. Baird increased their target price on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Scotiabank increased their target price on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Tuesday. TD Cowen increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $96.33.

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 3.2 %

Fortinet stock opened at $97.20 on Wednesday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50 day moving average of $95.58 and a 200-day moving average of $81.10. The stock has a market capitalization of $74.50 billion, a PE ratio of 49.09, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter last year, the business posted $0.35 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.95 EPS 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.