Parcion Private Wealth LLC Sells 200 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Parcion Private Wealth LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,673 shares of the software maker’s stock after selling 200 shares during the quarter. Parcion Private Wealth LLC’s holdings in Fortinet were worth $725,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Allspring Global Investments Holdings LLC increased its position in Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares during the period. Raleigh Capital Management Inc. increased its position in Fortinet by 413.5% during the third quarter. Raleigh Capital Management Inc. now owns 950 shares of the software maker’s stock worth $74,000 after acquiring an additional 765 shares during the period. Sequoia Financial Advisors LLC increased its position in Fortinet by 8.2% during the third quarter. Sequoia Financial Advisors LLC now owns 12,055 shares of the software maker’s stock worth $935,000 after acquiring an additional 917 shares during the period. Signaturefd LLC boosted its stake in Fortinet by 3.1% during the third quarter. Signaturefd LLC now owns 15,672 shares of the software maker’s stock worth $1,215,000 after buying an additional 476 shares in the last quarter. Finally, Eastern Bank acquired a new stake in Fortinet during the third quarter worth $25,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 63,610 shares of company stock worth $6,083,029 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $114.57 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market cap of $87.81 billion, a PE ratio of 50.69, a PEG ratio of 4.09 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm’s 50 day moving average price is $99.56 and its two-hundred day moving average price is $87.75.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results 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, analysts forecast 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.