Weatherly Asset Management L. P. Sells 2,065 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Weatherly Asset Management L. P. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the fourth quarter, Holdings Channel reports. The fund owned 120,995 shares of the software maker’s stock after selling 2,065 shares during the quarter. Fortinet accounts for about 0.8% of Weatherly Asset Management L. P.’s portfolio, making the stock its 28th largest position. Weatherly Asset Management L. P.’s holdings in Fortinet were worth $7,082,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Headinvest LLC purchased a new stake in shares of Fortinet during the 3rd quarter valued at $29,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet during the third quarter valued at approximately $37,000. Rakuten Securities Inc. bought a new stake in Fortinet in the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC bought a new stake in Fortinet in the 4th quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock worth $8,977,876 over the last ninety days. Corporate insiders own 17.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FTNT shares. BMO Capital Markets lifted their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Truist Financial upped their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Royal Bank of Canada upped their target price on shares of Fortinet from $60.00 to $71.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 7th. Stifel Nicolaus boosted their target price on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. Finally, Scotiabank boosted their price target on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $72.19.

Fortinet Trading Up 1.7 %

NASDAQ:FTNT traded up $1.11 during trading hours on Tuesday, reaching $64.80. 3,540,044 shares of the stock were exchanged, compared to its average volume of 5,850,670. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The business has a 50-day moving average of $68.37 and a two-hundred day moving average of $61.64. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a market capitalization of $49.44 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 2.81 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post 1.39 EPS for the current 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.