WD Rutherford LLC Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

WD Rutherford LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 33,350 shares of the software maker’s stock after selling 1,095 shares during the period. WD Rutherford LLC’s holdings in Fortinet were worth $2,090,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Cito Capital Group LLC acquired a new position in shares of Fortinet during the third quarter worth $660,000. Vontobel Holding Ltd. lifted its holdings in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its position in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after buying an additional 38,751 shares during the last quarter. Alamar Capital Management LLC grew its stake in shares of Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares in the last quarter. Finally, Marshall Financial Group LLC purchased a new stake in shares of Fortinet during the fourth quarter worth about $1,487,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. The Goldman Sachs Group increased their price target on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Jefferies Financial Group lowered their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Cantor Fitzgerald restated a “neutral” rating and set a $65.00 price objective on shares of Fortinet in a research note on Wednesday, April 17th. Morgan Stanley boosted their target price on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Finally, Sanford C. Bernstein started coverage on shares of Fortinet in a research report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price target on the stock. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $72.19.

Fortinet Price Performance

FTNT opened at $64.18 on Friday. The stock has a fifty day moving average price of $67.96 and a 200 day moving average price of $61.75. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The stock has a market cap of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.84 and a beta of 1.08.

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

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Ken Xie sold 46,084 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 132,139 shares of company stock valued at $8,977,876. Insiders own 17.54% 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.