Whittier Trust Co. of Nevada Inc. Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

Whittier Trust Co. of Nevada Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,892 shares of the software maker’s stock after selling 1,393 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Fortinet were worth $2,446,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Manchester Capital Management LLC boosted its stake in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its position in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC grew its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC boosted its position in shares of Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.2 %

FTNT opened at $98.65 on Friday. The firm’s 50 day simple moving average is $102.34 and its two-hundred day simple moving average is $92.31. The company has a market capitalization of $75.86 billion, a PE ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares of the company’s stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FTNT. Citigroup increased their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Wells Fargo & Company lifted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $105.69.

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.