Congress Asset Management Co. Sells 14,206 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Congress Asset Management Co. lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 277,711 shares of the software maker’s stock after selling 14,206 shares during the quarter. Congress Asset Management Co.’s holdings in Fortinet were worth $26,238,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp raised its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the period. Geode Capital Management LLC raised its holdings in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Fortinet by 10.3% during the 3rd 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 valued at $448,854,000 after purchasing an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after purchasing an additional 68,852 shares in the last quarter. Finally, FMR LLC grew its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $111.64 on Monday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37. The stock has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The firm has a fifty day simple moving average of $98.60 and a two-hundred day simple moving average of $86.77. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Piper Sandler restated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company boosted their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Finally, BMO Capital Markets upped their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost 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 approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by corporate 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.