Savant Capital LLC Sells 1,660 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Savant Capital LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% in the fourth quarter, HoldingsChannel reports. The fund owned 61,874 shares of the software maker’s stock after selling 1,660 shares during the quarter. Savant Capital LLC’s holdings in Fortinet were worth $5,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Geode Capital Management LLC boosted its holdings in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares during the period. Finally, FMR LLC boosted its holdings in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $109.55 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm’s 50 day moving average price is $97.67 and its 200-day moving average price is $85.31. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $110.99. The company has a market cap of $83.96 billion, a PE ratio of 48.47, a P/E/G ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Sell-side analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FTNT. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Royal Bank of Canada increased their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday. Wedbush increased their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, BMO Capital Markets upped their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $102.77.

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.