RMR Wealth Builders Decreases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

RMR Wealth Builders decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the 4th quarter, Holdings Channel reports. The fund owned 3,778 shares of the software maker’s stock after selling 114 shares during the period. RMR Wealth Builders’ holdings in Fortinet were worth $357,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Essex Savings Bank purchased a new stake in Fortinet during the 4th quarter worth approximately $204,000. USA Financial Formulas acquired a new stake in shares of Fortinet during the fourth quarter worth $1,410,000. Sendero Wealth Management LLC lifted its holdings in Fortinet by 36.8% in the fourth quarter. Sendero Wealth Management LLC now owns 55,873 shares of the software maker’s stock worth $5,279,000 after acquiring an additional 15,027 shares during the last quarter. Brendel Financial Advisors LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $257,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in Fortinet by 2,602.1% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,297 shares of the software maker’s stock valued at $123,000 after buying an additional 1,249 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FTNT shares. Jefferies Financial Group boosted their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. Finally, Stifel Nicolaus increased their price objective on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $94.35.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.1 %

Shares of Fortinet stock opened at $94.05 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The company’s fifty day simple moving average is $95.43 and its 200-day simple moving average is $80.00. The company has a market cap of $72.08 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 2.51 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

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.