Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lessened by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 48,848 shares of the software maker’s stock after selling 524 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Fortinet were worth $4,615,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC lifted its stake 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 buying an additional 173 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the fourth quarter worth about $46,000. R Squared Ltd purchased a new position in shares of Fortinet in the fourth quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $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. In the last 90 days, insiders sold 87,120 shares of company stock valued at $8,991,409. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 1.8 %

NASDAQ:FTNT opened at $107.09 on Friday. The company’s 50 day moving average is $101.09 and its 200-day moving average is $89.48. 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, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a market cap of $82.08 billion, a price-to-earnings ratio of 47.39, a P/E/G ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its 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%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on FTNT shares. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Wells Fargo & Company lifted their price target on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Susquehanna increased their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Scotiabank lifted their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Finally, Bank of America increased their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price 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.