Valeo Financial Advisors LLC Has $916,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Valeo Financial Advisors LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.8% during the fourth quarter, HoldingsChannel reports. The firm owned 9,697 shares of the software maker’s stock after selling 705 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Fortinet were worth $916,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Fortinet in the 4th quarter valued at approximately $46,000. Finally, R Squared Ltd bought a new position in Fortinet in the 4th quarter valued at approximately $65,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were 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 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $111.64 on Monday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $112.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $85.57 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The company has a fifty day moving average price of $98.60 and a 200-day moving average price of $86.77.

Fortinet (NASDAQ:FTNT) last posted 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 net margin of 29.30% and a return on equity of 463.85%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.05 EPS 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.