Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,707 shares of the software maker’s stock after selling 886 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Fortinet were worth $256,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FTNT. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $26,000. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $46,000. Private Trust Co. NA raised its stake in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the period. R Squared Ltd acquired a new position in shares of Fortinet during the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC raised its stake in Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

FTNT stock opened at $101.28 on Friday. The business has a 50 day moving average price of $101.95 and a 200 day moving average price of $90.64. The stock has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,120 shares of company stock worth $8,991,409 over the last 90 days. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of several recent research reports. Barclays increased their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Wells Fargo & Company increased their price objective on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Bank of America increased their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $103.72.

About Fortinet

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.