Woodstock Corp Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Woodstock Corp decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 290,181 shares of the software maker’s stock after selling 6,406 shares during the period. Fortinet makes up about 2.6% of Woodstock Corp’s holdings, making the stock its 7th largest holding. Woodstock Corp’s holdings in Fortinet were worth $27,416,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank grew its stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet in the 3rd quarter worth $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. 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 have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FTNT shares. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $100.00 to $120.00 in a report on Monday, January 6th. Wedbush increased their price objective on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.35.

Fortinet Price Performance

Shares of Fortinet stock opened at $94.05 on Friday. The business has a 50 day moving average of $95.63 and a 200 day moving average of $80.10. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a market cap of $72.08 billion, a PE ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

About Fortinet

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.