Members Trust Co Sells 268 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Members Trust Co trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.0% during the fourth quarter, Holdings Channel reports. The fund owned 2,707 shares of the software maker’s stock after selling 268 shares during the quarter. Members Trust Co’s holdings in Fortinet were worth $256,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in FTNT. Manchester Capital Management LLC increased its position in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after buying an additional 100 shares during the period. Fifth Third Wealth Advisors LLC grew its holdings in shares of 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 in the last quarter. Versant Capital Management Inc grew its holdings in shares of 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 in the last quarter. Diversified Trust Co grew its holdings in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares in the last quarter. Finally, Eagle Capital Management LLC grew its holdings in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Citigroup boosted their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Mizuho boosted their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Cantor Fitzgerald boosted their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have issued 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 has a consensus rating of “Hold” and a consensus target price of $103.72.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred 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 acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.5 %

Shares of Fortinet stock opened at $111.64 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $112.37. The business has a 50-day moving average of $98.60 and a two-hundred day moving average of $86.37. The company has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

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.