Fortinet, Inc. (NASDAQ:FTNT) Stock Position Lowered by Focus Financial Network Inc.

Focus Financial Network Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,463 shares of the software maker’s stock after selling 390 shares during the period. Focus Financial Network Inc.’s holdings in Fortinet were worth $327,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC grew its position in Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. State Street Corp increased its stake in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC lifted its position in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after buying an additional 724,887 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock valued at $200,172,000 after buying an additional 558,807 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Ken Xie sold 23,044 shares of the business’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 directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction dated Friday, December 6th. The shares were purchased 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 of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of research reports. Wells Fargo & Company upped their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Cantor Fitzgerald lifted their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. BMO Capital Markets lifted their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $109.98 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $98.35 and its two-hundred day moving average is $85.99. The company has a market cap of $84.29 billion, a P/E ratio of 48.66, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, equities analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

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.