Intech Investment Management LLC Sells 78,607 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Intech Investment Management LLC decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 21.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 292,166 shares of the software maker’s stock after selling 78,607 shares during the quarter. Intech Investment Management LLC’s holdings in Fortinet were worth $27,604,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Huntington National Bank lifted its position in shares of Fortinet by 12.1% during the 3rd quarter. Huntington National Bank now owns 2,395 shares of the software maker’s stock worth $186,000 after buying an additional 258 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares in the last quarter. Natixis Advisors LLC increased its stake in shares of Fortinet by 2.2% during the 3rd quarter. Natixis Advisors LLC now owns 175,073 shares of the software maker’s stock worth $13,577,000 after purchasing an additional 3,836 shares during the last quarter. Chesapeake Capital Corp IL purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $368,000. Finally, Claro Advisors LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $487,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Bank of America raised their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Royal Bank of Canada lifted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Finally, KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of FTNT opened at $96.67 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market capitalization of $74.34 billion, a P/E ratio of 42.77, a PEG ratio of 4.19 and a beta of 0.97. The business has a fifty day moving average of $102.15 and a 200 day moving average of $91.93.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 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.