Schechter Investment Advisors LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Schechter Investment Advisors LLC reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,188 shares of the software maker’s stock after selling 514 shares during the quarter. Schechter Investment Advisors LLC’s holdings in Fortinet were worth $774,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. State Street Corp grew its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC grew its stake in Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Fortinet by 10.3% during the third 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 buying an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Fortinet by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares during the period. Finally, FMR LLC grew its stake in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 87,120 shares of company stock worth $8,991,409 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.1 %

Fortinet stock opened at $106.48 on Wednesday. The company has a 50-day simple moving average of $101.69 and a 200-day simple moving average of $90.45. The firm has a market capitalization of $81.88 billion, a P/E ratio of 47.12, a P/E/G ratio of 4.19 and a beta of 1.01. 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.

Fortinet (NASDAQ:FTNT) last released its quarterly 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 net margin of 29.30% and a return on equity of 256.53%. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTNT shares. Wells Fargo & Company boosted their target price 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. Truist Financial reissued a “buy” rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $103.72.

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.