abrdn plc Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

abrdn plc reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 226,924 shares of the software maker’s stock after selling 33,688 shares during the quarter. abrdn plc’s holdings in Fortinet were worth $21,465,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. First Hawaiian Bank bought a new stake in shares of Fortinet in the 4th quarter valued at about $670,000. LVM Capital Management Ltd. MI raised its holdings in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC lifted its position in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Forsta AP Fonden boosted its position in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after buying an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Fortinet during the third quarter worth $10,343,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction on 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 owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the business’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 transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last quarter. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $97.73.

Fortinet Stock Down 0.3 %

FTNT opened at $104.72 on Friday. The business’s 50-day simple moving average is $97.13 and its 200-day simple moving average is $84.21. The stock has a market capitalization of $80.26 billion, a P/E ratio of 52.89, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a one year low of $54.57 and a one year high of $105.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. Analysts anticipate that Fortinet, Inc. will post 1.95 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.