Fortinet, Inc. (NASDAQ:FTNT) Position Reduced by Wedbush Securities Inc.

Wedbush Securities Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,241 shares of the software maker’s stock after selling 249 shares during the period. Wedbush Securities Inc.’s holdings in Fortinet were worth $1,440,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. First Hawaiian Bank acquired a new stake in Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI lifted its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares during the last quarter. Trilogy Capital Inc. boosted its stake in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. grew its holdings in shares of Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $1,690,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, Director Kenneth A. Goldman sold 1,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the sale, the director now directly owns 20,612 shares in the company, valued at approximately $2,047,183.84. The trade was a 4.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Down 5.3 %

FTNT opened at $84.71 on Monday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The business has a 50 day moving average of $102.59 and a 200-day moving average of $94.00. The stock has a market capitalization of $65.14 billion, a price-to-earnings ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. 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 (NASDAQ:FTNT) last posted its quarterly earnings data 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 256.53%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FTNT shares. Mizuho lifted their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Jefferies Financial Group dropped their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. UBS Group set a $123.00 price target on shares of Fortinet in a research report on Tuesday, March 18th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $105.77.

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.