Fortinet, Inc. (NASDAQ:FTNT) Stake Lowered by Avitas Wealth Management LLC

Avitas Wealth Management LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,421 shares of the software maker’s stock after selling 175 shares during the period. Avitas Wealth Management LLC’s holdings in Fortinet were worth $607,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. First Hawaiian Bank acquired a new stake in Fortinet in the fourth quarter worth approximately $670,000. LVM Capital Management Ltd. MI increased its stake in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden increased its stake in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Fortinet in the third quarter worth $10,343,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Stifel Nicolaus upped their price objective on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given 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 a consensus rating of “Hold” and a consensus target price of $97.73.

Insider Activity

In related news, Director William H. Neukom purchased 355 shares of the company’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 acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $105.07 on Thursday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $105.12. The company’s 50-day moving average is $96.92 and its 200 day moving average is $84.07. The company has a market capitalization of $80.53 billion, a price-to-earnings ratio of 53.07, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the firm posted $0.35 EPS. Sell-side analysts expect 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.