Janney Montgomery Scott LLC Sells 13,270 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Posted by on Apr 22nd, 2023

Janney Montgomery Scott LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 10.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 111,064 shares of the software maker’s stock after selling 13,270 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Fortinet were worth $5,430,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ritholtz Wealth Management lifted its stake in Fortinet by 40.7% during the third quarter. Ritholtz Wealth Management now owns 10,897 shares of the software maker’s stock worth $535,000 after purchasing an additional 3,150 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Fortinet by 4.2% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 30,885 shares of the software maker’s stock worth $1,517,000 after buying an additional 1,250 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Fortinet during the third quarter valued at approximately $1,265,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Fortinet during the third quarter worth approximately $6,816,000. Finally, Cullinan Associates Inc. bought a new stake in shares of Fortinet in the 4th quarter worth approximately $275,000. 64.35% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 240,046 shares of the business’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the sale, the vice president now directly owns 29,727,018 shares of the company’s stock, valued at $1,596,935,406.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Patrice Perche sold 11,035 shares of the company’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $59.75, for a total value of $659,341.25. Following the transaction, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at approximately $1,537,367.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 240,046 shares of Fortinet stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the completion of the sale, the vice president now directly owns 29,727,018 shares of the company’s stock, valued at approximately $1,596,935,406.96. The disclosure for this sale can be found here. Insiders sold a total of 932,484 shares of company stock valued at $53,877,379 in the last 90 days. Corporate insiders own 18.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays increased their target price on shares of Fortinet from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, April 13th. William Blair reiterated an “outperform” rating on shares of Fortinet in a report on Thursday, January 26th. Raymond James boosted their target price on Fortinet from $60.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, February 8th. Truist Financial began coverage on Fortinet in a research report on Friday. They set a “buy” rating and a $82.00 price target on the stock. Finally, Loop Capital boosted their price objective on Fortinet from $66.00 to $80.00 in a research report on Thursday, February 9th. Seven investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, Fortinet has an average rating of “Moderate Buy” and an average price target of $71.14.

Fortinet Trading Down 0.2 %

Shares of FTNT stock opened at $66.78 on Friday. The company’s fifty day moving average price is $62.99 and its 200-day moving average price is $55.69. The stock has a market cap of $52.36 billion, a PE ratio of 62.53, a price-to-earnings-growth ratio of 3.32 and a beta of 1.16. Fortinet, Inc. has a 12 month low of $42.61 and a 12 month high of $69.07.

Fortinet (NASDAQ:FTNT – Get Rating) last posted its quarterly earnings data on Tuesday, February 7th. The software maker reported $0.44 EPS for the quarter, topping the consensus estimate of $0.39 by $0.05. Fortinet had a net margin of 19.41% and a negative return on equity of 309.63%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $0.19 earnings per share. Fortinet’s quarterly revenue was up 33.1% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.14 earnings per share for the current fiscal year.

Fortinet Profile

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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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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