Dover Advisors LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Dover Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 10.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,220 shares of the software maker’s stock after selling 1,496 shares during the period. Dover Advisors LLC’s holdings in Fortinet were worth $1,249,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its position in shares of Fortinet by 73.3% in the 3rd 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 in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the 4th quarter worth approximately $46,000. Finally, R Squared Ltd bought a new position in shares of Fortinet in the 4th quarter worth approximately $65,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $110.02 on Monday. The stock’s 50-day simple moving average is $100.12 and its 200-day simple moving average is $88.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market capitalization of $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTNT. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade 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 87,110 shares of company stock valued at $8,751,689. 18.00% of the stock is currently owned by insiders.

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.