Signaturefd LLC Sells 987 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Signaturefd LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,623 shares of the software maker’s stock after selling 987 shares during the quarter. Signaturefd LLC’s holdings in Fortinet were worth $622,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. abrdn plc grew its position in Fortinet by 66.9% in the 4th quarter. abrdn plc now owns 325,017 shares of the software maker’s stock worth $19,023,000 after purchasing an additional 130,308 shares during the last quarter. Twin Capital Management Inc. grew its position in Fortinet by 19.9% in the 4th quarter. Twin Capital Management Inc. now owns 51,218 shares of the software maker’s stock worth $2,998,000 after purchasing an additional 8,494 shares during the last quarter. Federated Hermes Inc. grew its position in Fortinet by 149.0% in the 4th quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker’s stock worth $3,502,000 after purchasing an additional 35,803 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Fortinet by 71.2% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,712 shares of the software maker’s stock worth $100,000 after purchasing an additional 712 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Fortinet by 28.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 163,676 shares of the software maker’s stock worth $9,580,000 after purchasing an additional 36,024 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 over the last quarter. Corporate insiders own 17.54% of the company’s stock.

Fortinet Trading Up 1.7 %

FTNT opened at $64.80 on Wednesday. The firm’s fifty day moving average is $68.28 and its two-hundred day moving average is $61.67. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The firm has a market cap of $49.44 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 2.83 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The firm’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and raised their price target for the stock from $60.00 to $62.00 in a research report on Tuesday, January 9th. Jefferies Financial Group lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a research note on Wednesday, February 7th. Finally, Wells Fargo & Company upped their target price on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $72.19.

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.