CFM Wealth Partners LLC Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

CFM Wealth Partners LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,297 shares of the software maker’s stock after selling 1,178 shares during the period. CFM Wealth Partners LLC’s holdings in Fortinet were worth $217,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FTNT. Fifth Third Wealth Advisors LLC boosted its position in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc raised its stake in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the last quarter. Diversified Trust Co boosted its holdings in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares in the last quarter. Eagle Capital Management LLC grew its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FTNT. The Goldman Sachs Group increased their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. Morgan Stanley raised their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Rosenblatt Securities boosted their price target on Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Royal Bank of Canada increased their price objective on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Mizuho upped their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $96.83.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $100.88 on Monday. The firm has a market cap of $77.32 billion, a price-to-earnings ratio of 50.95, a P/E/G ratio of 2.61 and a beta of 1.00. The firm has a fifty day moving average price of $96.42 and a 200 day moving average price of $83.31. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $102.87. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter last year, the business posted $0.35 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price 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 in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by corporate 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.