Financial Partners Group LLC Sells 3,893 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Financial Partners Group LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 19.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,580 shares of the software maker’s stock after selling 3,893 shares during the quarter. Financial Partners Group LLC’s holdings in Fortinet were worth $1,566,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the last quarter. City State Bank grew its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTNT. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $96.83.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.8 %

Shares of FTNT stock opened at $97.45 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $74.69 billion, a price-to-earnings ratio of 49.22, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The stock’s 50-day moving average price is $95.65 and its 200-day moving average price is $81.33.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the company posted $0.35 EPS. Equities research analysts predict that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Fortinet Company 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.