First Horizon Advisors Inc. Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

First Horizon Advisors Inc. lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 207,387 shares of the software maker’s stock after selling 4,709 shares during the quarter. First Horizon Advisors Inc.’s holdings in Fortinet were worth $19,594,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Bell Bank grew its holdings in Fortinet by 2.5% during the 4th quarter. Bell Bank now owns 8,916 shares of the software maker’s stock worth $842,000 after acquiring an additional 220 shares in the last quarter. Crumly & Associates Inc. acquired a new stake in Fortinet in the fourth quarter valued at $256,000. Cassaday & Co Wealth Management LLC lifted its holdings in Fortinet by 119.7% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 7,300 shares of the software maker’s stock worth $690,000 after buying an additional 3,978 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Fortinet in the 4th quarter valued at about $94,000. Finally, Handelsbanken Fonder AB raised its position in shares of Fortinet by 21.3% during the 4th quarter. Handelsbanken Fonder AB now owns 237,404 shares of the software maker’s stock worth $22,430,000 after acquiring an additional 41,609 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $110.02 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’s 50-day moving average price is $100.12 and its 200 day moving average price is $88.54. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a market cap of $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,110 shares of company stock worth $8,751,689. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of a number of research analyst reports. Royal Bank of Canada upped their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Bank of America increased their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. boosted their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $103.72.

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.