Pine Valley Investments Ltd Liability Co Sells 3,384 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Pine Valley Investments Ltd Liability Co reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 123,213 shares of the software maker’s stock after selling 3,384 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Fortinet were worth $11,641,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC grew its stake in shares of 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 position in shares of Fortinet in the 4th quarter valued at approximately $46,000. R Squared Ltd acquired a new stake in Fortinet in the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC grew its position in Fortinet by 30.6% during 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 last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 69,460 shares of company stock valued at $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 company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock 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 business has a 50 day simple moving average of $100.33 and a 200-day simple moving average of $88.95. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued 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%. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FTNT shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Citigroup raised their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. UBS Group lifted their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve 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 $103.72.

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.