AGF Management Ltd. Has $514,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

AGF Management Ltd. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 88.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,444 shares of the software maker’s stock after selling 43,488 shares during the period. AGF Management Ltd.’s holdings in Fortinet were worth $514,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth $46,000. Private Trust Co. NA raised its holdings in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares in the last quarter. R Squared Ltd acquired a new position in shares of Fortinet during the 4th quarter worth $65,000. Venturi Wealth Management LLC raised its holdings in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after buying an additional 163 shares in the last quarter. Finally, St. Johns Investment Management Company LLC acquired a new position in shares of Fortinet during the 4th quarter worth $72,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 3.0 %

Shares of NASDAQ:FTNT opened at $96.25 on Friday. The business’s 50 day simple moving average is $102.17 and its two-hundred day simple moving average is $91.68. The firm has a market cap of $74.01 billion, a P/E ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. 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 posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates 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, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company boosted 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. Susquehanna boosted their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Finally, KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $103.72.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.