Foster Victor Wealth Advisors LLC Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Foster Victor Wealth Advisors LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,851 shares of the software maker’s stock after selling 10,366 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Fortinet were worth $7,713,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in FTNT. First Hawaiian Bank acquired a new position in Fortinet during the fourth quarter worth $670,000. LVM Capital Management Ltd. MI raised its holdings 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 worth $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after acquiring an additional 1,081 shares during the last quarter. Forsta AP Fonden grew its holdings in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet during the third quarter worth about $10,343,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 3.2 %

NASDAQ FTNT opened at $99.83 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The firm has a 50 day moving average of $95.98 and a two-hundred day moving average of $82.45. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $76.51 billion, a PE ratio of 50.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the firm posted $0.35 earnings per share. As a group, research analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, January 24th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. Wedbush upped their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company increased their price target on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $96.83.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Company 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.