Rhumbline Advisers Sells 1,895 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Rhumbline Advisers reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,221,345 shares of the software maker’s stock after selling 1,895 shares during the quarter. Rhumbline Advisers’ holdings in Fortinet were worth $115,393,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Eastern Bank bought a new stake in shares of Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter valued at $46,000. Finally, R Squared Ltd bought a new stake in shares of Fortinet in the 4th quarter valued at $65,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

NASDAQ FTNT opened at $111.64 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37. The company has a 50-day simple moving average of $98.60 and a 200 day simple moving average of $86.57. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $85.57 billion, a PE ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. Citigroup increased their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Stifel Nicolaus increased their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald increased their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on 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 transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

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.