Woodstock Corp Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Woodstock Corp cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 290,181 shares of the software maker’s stock after selling 6,406 shares during the period. Fortinet makes up approximately 2.6% of Woodstock Corp’s portfolio, making the stock its 7th biggest position. Woodstock Corp’s holdings in Fortinet were worth $27,416,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Fifth Third Wealth Advisors LLC increased its stake in Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc raised its stake in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after buying an additional 128 shares during the period. Diversified Trust Co boosted its holdings in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares in the last quarter. Eagle Capital Management LLC grew its stake in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, UBS Group boosted their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $94.35.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $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 ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT opened at $94.05 on Friday. The company has a market capitalization of $72.08 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 2.51 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $95.63 and a 200-day moving average price of $80.10. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00.

Fortinet Company 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.