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

Schechter Investment Advisors LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,188 shares of the software maker’s stock after selling 514 shares during the period. Schechter Investment Advisors LLC’s holdings in Fortinet were worth $774,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Manchester Capital Management LLC grew its position in Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the last quarter. Fielder Capital Group LLC grew its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its position in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Finally, Versant Capital Management Inc grew its position 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 purchasing an additional 128 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased 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 owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,120 shares of company stock valued at $8,991,409 over the last 90 days. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Mizuho lifted their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

NASDAQ:FTNT opened at $106.48 on Wednesday. The firm has a 50 day simple moving average of $101.69 and a 200-day simple moving average of $90.45. 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 firm has a market cap of $81.88 billion, a PE ratio of 47.12, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted 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 256.53%. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.