Lifestyle Asset Management Inc. Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Lifestyle Asset Management Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,437 shares of the software maker’s stock after selling 178 shares during the period. Lifestyle Asset Management Inc.’s holdings in Fortinet were worth $419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC lifted its holdings in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after buying an additional 128 shares during the last quarter. Diversified Trust Co lifted its holdings in Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the last quarter. Eagle Capital Management LLC lifted its holdings in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its holdings in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. 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. BMO Capital Markets lifted their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Bank of America lifted their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $96.83.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $97.45 on Friday. The business’s 50 day simple moving average is $95.65 and its 200-day simple moving average is $81.33. The firm has a market capitalization of $74.69 billion, a price-to-earnings ratio of 49.22, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the previous year, the company earned $0.35 EPS. As a group, equities analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at 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 value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by corporate insiders.

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.