44 Wealth Management LLC Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

44 Wealth Management LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,219 shares of the software maker’s stock after selling 786 shares during the period. 44 Wealth Management LLC’s holdings in Fortinet were worth $1,343,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. Bell Bank grew its holdings in Fortinet by 2.5% in the 4th quarter. Bell Bank now owns 8,916 shares of the software maker’s stock worth $842,000 after acquiring an additional 220 shares during the last quarter. Crumly & Associates Inc. purchased a new position in Fortinet during the 4th quarter valued at about $256,000. Cassaday & Co Wealth Management LLC raised its position in Fortinet by 119.7% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 7,300 shares of the software maker’s stock valued at $690,000 after purchasing an additional 3,978 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Fortinet in the 4th quarter worth approximately $94,000. Finally, Handelsbanken Fonder AB grew its position in shares of Fortinet by 21.3% in the 4th quarter. Handelsbanken Fonder AB now owns 237,404 shares of the software maker’s stock worth $22,430,000 after buying an additional 41,609 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of FTNT opened at $110.02 on Friday. 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 $84.33 billion, a P/E ratio of 48.68, a PEG ratio of 4.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a fifty day moving average of $100.12 and a 200 day moving average of $88.31.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,110 shares of company stock worth $8,751,689. 18.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent analyst reports. TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company lifted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, JPMorgan Chase & Co. upped their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.72.

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.