Xponance Inc. Sells 14,538 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Xponance Inc. trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,013 shares of the software maker’s stock after selling 14,538 shares during the period. Xponance Inc.’s holdings in Fortinet were worth $14,173,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the fourth quarter valued at about $46,000. LFA Lugano Financial Advisors SA lifted its position in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares in the last quarter. R Squared Ltd bought a new position in shares of Fortinet during the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC lifted its position in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Truist Financial reissued a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. KeyCorp raised shares of 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. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald lifted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $105.69.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $96.91 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $74.52 billion, a P/E ratio of 42.88, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a 50 day moving average of $102.17 and a 200 day moving average of $92.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $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 sold a total of 599,988 shares of company stock valued at $59,094,530 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

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.