Convergence Financial LLC Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

Convergence Financial LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the 4th quarter, Holdings Channel reports. The firm owned 28,355 shares of the software maker’s stock after selling 310 shares during the period. Convergence Financial LLC’s holdings in Fortinet were worth $2,679,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortinet during the fourth quarter valued at approximately $46,000. R Squared Ltd bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

NASDAQ FTNT opened at $109.02 on Thursday. The firm’s fifty day simple moving average is $100.85 and its two-hundred day simple moving average is $89.36. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $83.56 billion, a P/E ratio of 48.24, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Bank of America increased their price target on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Mizuho increased their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. BMO Capital Markets increased their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $103.72.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the firm’s 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 transaction, the director now 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,460 shares of company stock valued at $7,063,290. 18.00% of the stock is owned by insiders.

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.