Stonegate Investment Group LLC Sells 4,502 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Stonegate Investment Group LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 62.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,738 shares of the software maker’s stock after selling 4,502 shares during the quarter. Stonegate Investment Group LLC’s holdings in Fortinet were worth $259,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Eastern Bank acquired a new position in shares of Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank increased its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $46,000. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 3.2 %

Shares of Fortinet stock opened at $99.83 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm has a 50-day moving average of $95.98 and a 200-day moving average of $82.45. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The stock has a market cap of $76.51 billion, a PE ratio of 50.42, a PEG ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling

In related news, 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 value 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 $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last 90 days. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FTNT shares. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Barclays boosted their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Finally, Scotiabank increased their price objective on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $96.83.

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.