RPG Investment Advisory LLC Sells 1,460 Shares of Fortinet, Inc. (NASDAQ:FTNT)

RPG Investment Advisory LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the 4th quarter, HoldingsChannel reports. The fund owned 211,235 shares of the software maker’s stock after selling 1,460 shares during the period. Fortinet comprises 2.7% of RPG Investment Advisory LLC’s portfolio, making the stock its 8th largest position. RPG Investment Advisory LLC’s holdings in Fortinet were worth $19,957,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Eastern Bank bought a new stake in Fortinet during the third quarter valued at $25,000. Private Advisor Group LLC increased its stake in Fortinet by 15.5% during the third quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock valued at $1,879,000 after purchasing an additional 3,253 shares during the last quarter. International Assets Investment Management LLC increased its stake in Fortinet by 8,011.1% during the third quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock valued at $21,506,000 after purchasing an additional 273,900 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Fortinet by 21.0% during the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after purchasing an additional 2,775 shares during the last quarter. Finally, Ballentine Partners LLC increased its stake in Fortinet by 8.1% during the third quarter. Ballentine Partners LLC now owns 7,550 shares of the software maker’s stock valued at $586,000 after purchasing an additional 563 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $110.02 on Monday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. 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 $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01. The firm has a 50-day moving average of $100.12 and a two-hundred day moving average of $88.67.

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 net margin of 29.30% and a return on equity of 256.53%. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of several recent research reports. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,110 shares of company stock valued at $8,751,689. 18.00% of the stock is currently owned by corporate insiders.

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.