AtonRa Partners Sells 567 Shares of Fortinet, Inc. (NASDAQ:FTNT)

AtonRa Partners reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,602 shares of the software maker’s stock after selling 567 shares during the quarter. AtonRa Partners’ holdings in Fortinet were worth $211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. First Trust Direct Indexing L.P. boosted its position in Fortinet by 1.6% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock valued at $748,000 after buying an additional 197 shares during the last quarter. Catalyst Financial Partners LLC raised its holdings in Fortinet by 5.1% during the 3rd quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock worth $254,000 after purchasing an additional 209 shares during the last quarter. Realta Investment Advisors lifted its position in Fortinet by 6.8% during the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after purchasing an additional 217 shares during the period. First Foundation Advisors boosted its stake in shares of Fortinet by 0.6% in the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after purchasing an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC grew its position in shares of Fortinet by 7.0% during the 3rd quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock worth $201,000 after buying an additional 224 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction 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 transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 in the last quarter. Company insiders own 17.54% of the company’s stock.

Fortinet Stock Down 0.0 %

NASDAQ FTNT traded down $0.03 during trading hours on Tuesday, hitting $64.27. 997,838 shares of the company traded hands, compared to its average volume of 5,695,531. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s 50-day moving average is $67.88 and its 200-day moving average is $61.83. The stock has a market capitalization of $49.04 billion, a price-to-earnings ratio of 44.34, a P/E/G ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FTNT shares. Royal Bank of Canada increased their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. UBS Group upped their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. The Goldman Sachs Group raised their target price on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Finally, Truist Financial boosted their target price on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Two 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.

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.