CWA Asset Management Group LLC Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

CWA Asset Management Group LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,167 shares of the software maker’s stock after selling 4,768 shares during the quarter. CWA Asset Management Group LLC’s holdings in Fortinet were worth $5,496,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Marshall Wace LLP lifted its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares in the last quarter. FMR LLC raised 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 during the period. AQR Capital Management LLC lifted its stake in shares of Fortinet by 89.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the period. Finally, State Street Corp raised its stake 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 purchasing an additional 766,135 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT traded up $1.62 during trading hours on Monday, reaching $99.09. The company had a trading volume of 1,312,510 shares, compared to its average volume of 2,761,982. The business’s 50 day moving average price is $92.91 and its 200-day moving average price is $78.11. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The firm has a market cap of $75.95 billion, a PE ratio of 50.05, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Buying and Selling

In related news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Rosenblatt Securities upped their price objective on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Wedbush boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.35.

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.