GraniteShares Advisors LLC Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

GraniteShares Advisors LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 23.2% during the fourth quarter, HoldingsChannel reports. The fund owned 9,505 shares of the software maker’s stock after selling 2,873 shares during the quarter. GraniteShares Advisors LLC’s holdings in Fortinet were worth $898,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in Fortinet during the 4th quarter worth $46,000. R Squared Ltd purchased a new position in Fortinet during the 4th quarter worth $65,000. Finally, Venturi Wealth Management LLC grew its stake 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 buying an additional 163 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $108.06 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market cap of $82.82 billion, a PE ratio of 47.81, a P/E/G ratio of 4.19 and a beta of 1.01. The stock has a 50 day moving average price of $100.54 and a 200 day moving average price of $89.22.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTNT. Jefferies Financial Group lifted their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. UBS Group boosted their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. JPMorgan Chase & Co. upped their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $103.72.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, 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 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, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 69,460 shares of company stock valued at $7,063,290. 18.00% of the stock is currently owned by insiders.

Fortinet 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.