Signaturefd LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 2.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,005 shares of the software maker’s stock after selling 238 shares during the period. Signaturefd LLC’s holdings in Fortinet were worth $538,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ronald Blue Trust Inc. raised its stake in shares of Fortinet by 632.9% during the 3rd quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock worth $30,000 after purchasing an additional 462 shares in the last quarter. Phocas Financial Corp. bought a new stake in Fortinet in the 4th quarter valued at $43,000. Armstrong Advisory Group Inc. bought a new stake in Fortinet in the 4th quarter valued at $49,000. Guardian Wealth Advisors LLC bought a new stake in Fortinet in the 3rd quarter valued at $50,000. Finally, Covestor Ltd raised its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the period. Institutional investors own 64.35% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the company. Stifel Nicolaus increased their price target on Fortinet from $64.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, February 8th. Piper Sandler increased their price target on Fortinet from $57.00 to $64.00 and gave the company a “neutral” rating in a research note on Wednesday, February 8th. JPMorgan Chase & Co. increased their price objective on Fortinet from $69.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 8th. Morgan Stanley increased their price objective on Fortinet from $69.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 8th. Finally, Scotiabank initiated coverage on Fortinet in a research report on Tuesday, January 17th. They set a “sector outperform” rating and a $65.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.89.
Fortinet Stock Up 1.8 %
Fortinet (NASDAQ:FTNT – Get Rating) last released its quarterly earnings data on Tuesday, February 7th. The software maker reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. Fortinet’s revenue was up 33.1% compared to the same quarter last year. During the same period last year, the firm posted $0.19 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 1.14 EPS for the current fiscal year.
Insider Activity
In other Fortinet news, CFO Keith Jensen sold 98,374 shares of the business’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $60.18, for a total value of $5,920,147.32. Following the transaction, the chief financial officer now owns 4,569 shares of the company’s stock, valued at $274,962.42. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, Director William H. Neukom acquired 423 shares of the business’s stock in a transaction on Tuesday, April 11th. The shares were acquired at an average price of $67.40 per share, with a total value of $28,510.20. Following the completion of the transaction, the director now owns 290,716 shares in the company, valued at $19,594,258.40. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 98,374 shares of the business’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $60.18, for a total value of $5,920,147.32. Following the completion of the sale, the chief financial officer now owns 4,569 shares in the company, valued at $274,962.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 932,484 shares of company stock valued at $53,877,379. 18.80% of the stock is currently owned by corporate insiders.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.
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