Spire Wealth Management Sells 62,509 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Spire Wealth Management lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 83.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,157 shares of the software maker’s stock after selling 62,509 shares during the period. Spire Wealth Management’s holdings in Fortinet were worth $740,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Headinvest LLC bought a new stake in shares of Fortinet during the third quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the 4th quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet in the third quarter worth $37,000. Rakuten Securities Inc. bought a new position in shares of Fortinet during the fourth quarter valued at $43,000. Finally, CVA Family Office LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $59.63 on Thursday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock has a 50-day moving average price of $66.93 and a 200 day moving average price of $61.97. The stock has a market capitalization of $45.52 billion, a P/E ratio of 38.97, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. Equities research analysts forecast that Fortinet, Inc. will post 1.4 EPS for the current fiscal year.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 over the last 90 days. Insiders own 17.54% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on FTNT. Piper Sandler lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Sanford C. Bernstein started coverage on shares of Fortinet in a research report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 target price for the company. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Tuesday, February 13th. Wells Fargo & Company cut their price objective on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Finally, Jefferies Financial Group lowered their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $70.37.

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.