Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Exencial Wealth Advisors LLC

Exencial Wealth Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 17.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 13,242 shares of the software maker’s stock after selling 2,741 shares during the quarter. Exencial Wealth Advisors LLC’s holdings in Fortinet were worth $1,251,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Hawaiian Bank acquired a new stake in Fortinet in the fourth quarter valued at $670,000. LVM Capital Management Ltd. MI lifted its holdings in Fortinet by 10.7% in the fourth 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 period. Apollon Wealth Management LLC lifted its holdings in Fortinet by 7.6% in the third 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 period. Trilogy Capital Inc. raised 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 buying an additional 3,544 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after buying an additional 169,530 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on FTNT. JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Scotiabank lifted their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Wells Fargo & Company lifted their price target on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Citigroup lifted their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, 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. One 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Stock Up 0.3 %

Shares of NASDAQ:FTNT opened at $106.80 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a market capitalization of $82.13 billion, a P/E ratio of 47.26, a PEG ratio of 4.19 and a beta of 0.97. The stock has a 50-day simple moving average of $101.69 and a 200-day simple moving average of $90.45.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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%. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,120 shares of company stock worth $8,991,409. 18.00% of the stock is currently owned by company insiders.

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.