Ethos Financial Group LLC Sells 1,705 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ethos Financial Group LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 43.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,179 shares of the software maker’s stock after selling 1,705 shares during the period. Ethos Financial Group LLC’s holdings in Fortinet were worth $206,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in FTNT. FMR LLC grew its holdings 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 purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. State Street Corp grew its holdings in shares of Fortinet by 2.9% during the third 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 last quarter. Raymond James Financial Inc. bought a new stake in shares of Fortinet during the fourth quarter worth $69,381,000. Finally, Worldquant Millennium Advisors LLC grew its holdings in shares of Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 4.8 %

Shares of Fortinet stock opened at $101.72 on Friday. The business’s 50 day simple moving average is $101.87 and its 200 day simple moving average is $90.57. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market cap of $78.22 billion, a PE ratio of 45.01, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last announced 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 256.53% and a net margin of 29.30%. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 87,120 shares of company stock worth $8,991,409 over the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Cantor Fitzgerald raised their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Bank of America raised their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.