Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Nations Financial Group Inc. IA ADV

Nations Financial Group Inc. IA ADV lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,914 shares of the software maker’s stock after selling 4,922 shares during the quarter. Nations Financial Group Inc. IA ADV’s holdings in Fortinet were worth $931,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FTNT. Cito Capital Group LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $660,000. Vontobel Holding Ltd. raised its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares in the last quarter. LGT Group Foundation grew its stake in shares of Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after purchasing an additional 94,475 shares during the period. Finally, Alamar Capital Management LLC increased its holdings in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after purchasing an additional 7,110 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FTNT. BMO Capital Markets decreased their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Mizuho dropped their price objective on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. The Goldman Sachs Group lifted their price objective on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, May 3rd. Finally, Piper Sandler cut their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.10.

Fortinet Stock Up 0.7 %

Shares of Fortinet stock traded up $0.42 on Friday, hitting $61.35. 2,653,983 shares of the company’s stock traded hands, compared to its average volume of 6,588,135. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The firm’s 50-day moving average is $64.61 and its 200 day moving average is $62.43. The stock has a market cap of $46.87 billion, a P/E ratio of 40.10, a PEG ratio of 3.02 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.29 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 24,710 shares of the business’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 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders sold a total of 72,396 shares of company stock worth $4,838,534 over the last 90 days. Insiders own 18.00% of the company’s stock.

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.