Covestor Ltd Has $107,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Covestor Ltd cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 41.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,133 shares of the software maker’s stock after selling 793 shares during the quarter. Covestor Ltd’s holdings in Fortinet were worth $107,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new stake in Fortinet in the 4th quarter valued at $724,048,000. Schroder Investment Management Group bought a new stake in shares of Fortinet in the 4th quarter worth $389,867,000. FMR LLC raised its holdings in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock valued at $617,115,000 after purchasing an additional 2,846,475 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after purchasing an additional 2,064,016 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 in the last 90 days. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. UBS Group set a $123.00 target price on shares of Fortinet in a research report on Tuesday, March 18th. JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $105.77.

Fortinet Price Performance

FTNT opened at $97.73 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $75.15 billion, a P/E ratio of 43.24, a PEG ratio of 4.19 and a beta of 1.09. The stock has a 50-day moving average price of $101.72 and a 200-day moving average price of $94.60. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.