Amalgamated Bank Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

Amalgamated Bank lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,988 shares of the software maker’s stock after selling 3,105 shares during the period. Amalgamated Bank’s holdings in Fortinet were worth $12,659,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of 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 acquiring an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC grew its stake in Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. State Street Corp increased 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 worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC raised its position in Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its holdings in shares of Fortinet by 1,084.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock worth $62,103,000 after buying an additional 601,801 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on FTNT shares. BMO Capital Markets raised their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Robert W. Baird restated a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Stifel Nicolaus upped their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, 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 position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 69,460 shares of company stock worth $7,063,290. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $108.06 on Wednesday. The company has a market cap of $82.82 billion, a price-to-earnings ratio of 47.81, a PEG ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock’s fifty day moving average price is $100.54 and its 200 day moving average price is $89.22. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

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 return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.