Chase Investment Counsel Corp Has $577,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Chase Investment Counsel Corp reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,867 shares of the software maker’s stock after selling 589 shares during the period. Chase Investment Counsel Corp’s holdings in Fortinet were worth $577,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cito Capital Group LLC bought a new stake in shares of Fortinet in the 3rd quarter worth about $660,000. Vontobel Holding Ltd. grew its stake in Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares in the last quarter. Alamar Capital Management LLC raised its stake in shares of Fortinet by 12.5% in the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares during the last quarter. Finally, Marshall Financial Group LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $1,487,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. The Goldman Sachs Group increased their price objective on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Susquehanna reiterated a “neutral” rating and issued a $80.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a research note on Thursday, February 8th. Finally, Mizuho boosted their target price on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.19.

Insider Activity

In related news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock valued at $8,977,876 over the last ninety days. 17.54% of the stock is currently owned by company insiders.

Fortinet Stock Performance

NASDAQ FTNT traded down $0.33 during trading on Monday, reaching $63.85. 2,081,438 shares of the company’s stock were exchanged, compared to its average volume of 5,731,507. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business has a 50 day moving average price of $67.96 and a 200-day moving average price of $61.78. The stock has a market capitalization of $48.72 billion, a P/E ratio of 44.26, a PEG ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $0.38 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

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.