Sage Mountain Advisors LLC Sells 286 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sage Mountain Advisors LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,448 shares of the software maker’s stock after selling 286 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Fortinet were worth $6,467,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter valued at about $26,000. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter valued at about $46,000. Private Trust Co. NA raised its holdings in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after buying an additional 307 shares during the last quarter. R Squared Ltd acquired a new stake in Fortinet in the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC increased its position in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the company’s 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 sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 87,120 shares of company stock worth $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Wells Fargo & Company lifted their price objective on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Finally, Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Trading Down 5.2 %

NASDAQ FTNT opened at $96.04 on Tuesday. The stock has a market capitalization of $73.85 billion, a price-to-earnings ratio of 42.50, a PEG ratio of 4.19 and a beta of 0.97. The stock’s 50 day moving average price is $102.08 and its two-hundred day moving average price is $91.19. 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 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate 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, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.