D.A. Davidson & CO. Sells 495 Shares of Fortinet, Inc. (NASDAQ:FTNT)

D.A. Davidson & CO. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 27,321 shares of the software maker’s stock after selling 495 shares during the quarter. D.A. Davidson & CO.’s holdings in Fortinet were worth $2,581,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FTNT. FMR LLC raised its position in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp increased its stake in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC increased its stake in shares of Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, AustralianSuper Pty Ltd increased its stake in shares of Fortinet by 1,084.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after buying an additional 601,801 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 87,110 shares of company stock worth $8,751,689 over the last three months. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Citigroup lifted their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.72.

Fortinet Trading Down 3.7 %

Shares of NASDAQ:FTNT opened at $110.02 on Friday. The company has a market capitalization of $84.33 billion, a P/E ratio of 48.68, a P/E/G ratio of 4.20 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. 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’s 50 day simple moving average is $100.12 and its 200 day simple moving average is $88.31.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.