GraniteShares Advisors LLC Sells 2,873 Shares of Fortinet, Inc. (NASDAQ:FTNT)

GraniteShares Advisors LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 23.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,505 shares of the software maker’s stock after selling 2,873 shares during the quarter. GraniteShares Advisors LLC’s holdings in Fortinet were worth $898,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. First Hawaiian Bank bought a new position in Fortinet in the fourth quarter valued at about $670,000. LVM Capital Management Ltd. MI lifted its holdings in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC lifted its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the period. Trilogy Capital Inc. lifted its holdings in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. lifted its holdings in Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after acquiring an additional 169,530 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. Wedbush upped their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Morgan Stanley upped their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. UBS Group upped their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Bank of America upped their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Price Performance

NASDAQ:FTNT opened at $108.06 on Wednesday. The firm has a market capitalization of $82.82 billion, a price-to-earnings ratio of 47.81, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The business has a 50 day simple moving average of $100.54 and a 200-day simple moving average of $89.22. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

About Fortinet

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.