Retirement Planning Group LLC Sells 901 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Retirement Planning Group LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 14.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,450 shares of the software maker’s stock after selling 901 shares during the quarter. Retirement Planning Group LLC’s holdings in Fortinet were worth $515,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Manchester Capital Management LLC raised its holdings in Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares during the last quarter. Fielder Capital Group LLC raised its holdings in Fortinet by 1.6% in the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after buying an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its position in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares during the period. CIBC Private Wealth Group LLC increased its position in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. Finally, Evergreen Capital Management LLC increased its position in Fortinet by 2.0% during the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock valued at $590,000 after purchasing an additional 124 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 715,478 shares of company stock worth $71,467,247 in the last ninety days. Company insiders own 17.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FTNT shares. UBS Group decreased their target price on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a “neutral” rating in a research report on Tuesday, April 22nd. Piper Sandler reissued an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Royal Bank of Canada decreased their target price on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group raised their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $104.80.

Fortinet Price Performance

FTNT opened at $103.16 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market capitalization of $78.96 billion, a price-to-earnings ratio of 45.65, a P/E/G ratio of 4.19 and a beta of 1.16. The firm’s fifty day moving average price is $99.29 and its two-hundred day moving average price is $99.03. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.43 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet 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.