FourThought Financial Partners LLC Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

FourThought Financial Partners LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 34,782 shares of the software maker’s stock after selling 761 shares during the quarter. FourThought Financial Partners LLC’s holdings in Fortinet were worth $3,286,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Private Advisor Group LLC increased its holdings in shares of Fortinet by 15.5% in the 3rd quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock worth $1,879,000 after purchasing an additional 3,253 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Fortinet by 8,011.1% in the third quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock worth $21,506,000 after acquiring an additional 273,900 shares during the period. Assenagon Asset Management S.A. grew its holdings in Fortinet by 21.0% during the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after purchasing an additional 2,775 shares during the period. Ballentine Partners LLC grew its holdings in Fortinet by 8.1% during the third quarter. Ballentine Partners LLC now owns 7,550 shares of the software maker’s stock valued at $586,000 after purchasing an additional 563 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortinet by 19.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 176,050 shares of the software maker’s stock valued at $13,635,000 after acquiring an additional 28,525 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Rosenblatt Securities boosted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wedbush increased their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $103.72.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,460 shares of company stock worth $7,063,290 over the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 1.2 %

Fortinet stock opened at $108.69 on Tuesday. The firm has a 50 day moving average price of $100.33 and a 200 day moving average price of $88.95. The company has a market capitalization of $83.31 billion, a PE ratio of 48.09, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

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

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.