Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Front Row Advisors LLC

Front Row Advisors LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,343 shares of the software maker’s stock after selling 415 shares during the period. Fortinet comprises 2.4% of Front Row Advisors LLC’s investment portfolio, making the stock its 6th biggest holding. Front Row Advisors LLC’s holdings in Fortinet were worth $6,835,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. FMR LLC grew its stake 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 worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Townsquare Capital LLC increased its holdings in Fortinet by 32.7% in the third quarter. Townsquare Capital LLC now owns 11,082 shares of the software maker’s stock valued at $859,000 after buying an additional 2,729 shares in the last quarter. Public Sector Pension Investment Board lifted its position in shares of Fortinet by 14.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock valued at $1,998,000 after acquiring an additional 3,300 shares during the period. Captrust Financial Advisors boosted its stake in shares of Fortinet by 21.0% during the 3rd quarter. Captrust Financial Advisors now owns 50,096 shares of the software maker’s stock worth $3,885,000 after acquiring an additional 8,708 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of Fortinet in the 3rd quarter worth approximately $93,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock worth $59,094,530 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.4 %

Fortinet stock opened at $96.26 on Tuesday. The firm has a 50-day moving average price of $103.01 and a two-hundred day moving average price of $93.53. The firm has a market capitalization of $74.02 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. 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, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on FTNT shares. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. Piper Sandler restated an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Rosenblatt Securities raised their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $105.69.

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.