Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Optimist Retirement Group LLC

Optimist Retirement Group LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,905 shares of the software maker’s stock after selling 175 shares during the period. Optimist Retirement Group LLC’s holdings in Fortinet were worth $463,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. State Street Corp boosted its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after acquiring an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after acquiring an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Fortinet by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock valued at $296,075,000 after purchasing an additional 68,852 shares during the period. Finally, FMR LLC increased its position in Fortinet by 276.3% during the third 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 last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 2.2 %

Shares of NASDAQ:FTNT opened at $105.07 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $105.12. The stock has a market cap of $80.53 billion, a price-to-earnings ratio of 53.07, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The firm’s 50 day moving average price is $96.92 and its 200 day moving average price is $84.07.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the business earned $0.35 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last quarter. 18.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Truist Financial reissued a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Barclays upped their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $97.73.

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.