Intech Investment Management LLC Sells 78,607 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Intech Investment Management LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.2% during the fourth quarter, HoldingsChannel reports. The fund owned 292,166 shares of the software maker’s stock after selling 78,607 shares during the quarter. Intech Investment Management LLC’s holdings in Fortinet were worth $27,604,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter valued at $46,000. LFA Lugano Financial Advisors SA boosted its stake in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA boosted its stake in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd purchased a new stake in shares of Fortinet during the fourth quarter valued at $65,000. Finally, Venturi Wealth Management LLC lifted its stake in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FTNT shares. Wells Fargo & Company lifted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Scotiabank raised their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Mizuho raised their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Stifel Nicolaus lifted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

Fortinet stock opened at $96.67 on Tuesday. The company has a market cap of $74.34 billion, a P/E ratio of 42.77, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The business has a fifty day moving average of $102.15 and a two-hundred day moving average of $91.93.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $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. In the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by company insiders.

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.