FourThought Financial Partners LLC Sells 761 Shares of Fortinet, Inc. (NASDAQ:FTNT)

FourThought Financial Partners LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,782 shares of the software maker’s stock after selling 761 shares during the quarter. FourThought Financial Partners LLC’s holdings in Fortinet were worth $3,286,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. State Street Corp lifted its holdings in shares of 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 grew its position in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after purchasing an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% during the 3rd 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 worth $448,854,000 after purchasing an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after acquiring an additional 68,852 shares during the period. Finally, FMR LLC grew its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,460 shares of company stock worth $7,063,290. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FTNT shares. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Finally, Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Stock Down 1.2 %

FTNT stock opened at $108.69 on Tuesday. The business has a 50-day simple moving average of $100.33 and a 200 day simple moving average of $88.95. The company has a market cap of $83.31 billion, a PE ratio of 48.09, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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 anticipate that Fortinet, Inc. will post 2.09 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.