Hartford Investment Management Co. Sells 646 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hartford Investment Management Co. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,331 shares of the software maker’s stock after selling 646 shares during the quarter. Hartford Investment Management Co.’s holdings in Fortinet were worth $3,716,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. FMR LLC raised its holdings in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC raised its stake in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp lifted its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC lifted its holdings in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Fortinet by 27.6% during the third quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after buying an additional 558,807 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Jefferies Financial Group boosted their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Susquehanna lifted their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Piper Sandler restated an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.77.

Fortinet Stock Down 0.6 %

Shares of NASDAQ FTNT opened at $107.70 on Thursday. The company has a 50 day simple moving average of $98.12 and a 200 day simple moving average of $85.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $110.99. The firm has a market cap of $82.55 billion, a PE ratio of 47.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, research analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

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.