Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,254 shares of the software maker’s stock after selling 928 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Fortinet were worth $969,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Manchester Capital Management LLC increased its holdings in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares in the last quarter. Fielder Capital Group LLC increased its stake in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Fortinet by 3.0% in the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after acquiring an additional 127 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s 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 completion of the sale, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

FTNT stock opened at $93.42 on Friday. The firm has a 50 day simple moving average of $102.22 and a 200 day simple moving average of $91.41. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap of $71.84 billion, a P/E ratio of 41.34, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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 256.53%. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.