Summit Investment Advisors Inc. Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Summit Investment Advisors Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,262 shares of the software maker’s stock after selling 705 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Fortinet were worth $6,355,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. boosted its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet during the 4th quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at $56,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. The Goldman Sachs Group lifted their price objective 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. Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. Finally, Wells Fargo & Company raised their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a 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 company. According to MarketBeat.com, the company 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, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of 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 disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 in the last three months. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Up 1.5 %

Shares of NASDAQ:FTNT opened at $97.73 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $75.15 billion, a price-to-earnings ratio of 43.24, a PEG ratio of 4.19 and a beta of 1.09. The business has a 50-day moving average price of $101.72 and a 200 day moving average price of $94.60. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Profile

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.