Mindset Wealth Management LLC Decreases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mindset Wealth Management LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,028 shares of the software maker’s stock after selling 708 shares during the quarter. Mindset Wealth Management LLC’s holdings in Fortinet were worth $286,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FTNT. FMR LLC raised its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares in the last quarter. Amundi raised its position in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock valued at $631,700,000 after buying an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Fortinet by 136.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after buying an additional 1,682,708 shares in the last quarter. State Street Corp raised its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Fortinet during the 4th quarter valued at about $69,381,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. UBS Group set a $123.00 price target on shares of Fortinet in a report on Tuesday. Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $105.69.

Fortinet Stock Up 0.3 %

NASDAQ:FTNT opened at $98.45 on Friday. The firm has a market capitalization of $75.71 billion, a P/E ratio of 43.56, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company’s fifty day moving average price is $102.26 and its 200-day moving average price is $92.16. 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 (NASDAQ:FTNT) last released its quarterly earnings data 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 net margin of 29.30% and a return on equity of 256.53%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 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.