Gerber LLC Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Gerber LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 7.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,375 shares of the software maker’s stock after selling 500 shares during the quarter. Gerber LLC’s holdings in Fortinet were worth $602,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the 3rd quarter valued at approximately $26,000. Golden State Wealth Management LLC purchased a new position in Fortinet during the fourth quarter worth $46,000. LFA Lugano Financial Advisors SA boosted its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares during the period. Private Trust Co. NA boosted its stake in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Fortinet during the fourth quarter worth $65,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.93 on Thursday. The stock has a market cap of $75.31 billion, a PE ratio of 43.33, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The stock has a fifty day simple moving average of $102.22 and a 200-day simple moving average of $91.41.

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

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated 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 $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated 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 directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 622,904 shares of company stock worth $61,338,694 in the last three months. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

FTNT has been the subject of several recent research reports. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Citigroup boosted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. TD Cowen boosted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.