Orion Portfolio Solutions LLC Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Orion Portfolio Solutions LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,203 shares of the software maker’s stock after selling 239 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Fortinet were worth $1,153,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Public Sector Pension Investment Board boosted its holdings in shares of Fortinet by 14.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock valued at $1,998,000 after purchasing an additional 3,300 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Fortinet by 10.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker’s stock worth $931,000 after buying an additional 1,088 shares during the period. IHT Wealth Management LLC boosted its holdings in Fortinet by 4.9% in the third quarter. IHT Wealth Management LLC now owns 5,205 shares of the software maker’s stock valued at $402,000 after acquiring an additional 243 shares during the last quarter. Royal London Asset Management Ltd. grew its position in Fortinet by 1.5% during the third quarter. Royal London Asset Management Ltd. now owns 382,668 shares of the software maker’s stock valued at $29,676,000 after acquiring an additional 5,623 shares during the period. Finally, Quantinno Capital Management LP increased its stake in Fortinet by 73.3% during the third quarter. Quantinno Capital Management LP now owns 47,992 shares of the software maker’s stock worth $3,722,000 after acquiring an additional 20,292 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT opened at $84.71 on Friday. The firm has a fifty day moving average of $102.59 and a 200-day moving average of $93.74. The company has a market cap of $65.14 billion, a price-to-earnings ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 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 256.53%. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Company lifted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Scotiabank increased their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $105.77.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s 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. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

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.