Strategy Asset Managers LLC Has $1.57 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Strategy Asset Managers LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,597 shares of the software maker’s stock after selling 643 shares during the period. Strategy Asset Managers LLC’s holdings in Fortinet were worth $1,568,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Manchester Capital Management LLC grew its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its stake in shares of Fortinet by 1.6% during 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 during the last quarter. Fielder Capital Group LLC raised its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC boosted its holdings in Fortinet by 3.0% in the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after purchasing an additional 127 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT opened at $96.60 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $74.28 billion, a P/E ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company’s 50 day simple moving average is $102.97 and its 200-day simple moving average is $93.14. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FTNT. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Cantor Fitzgerald upped their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Citigroup upped their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $105.69.

Insider Buying and Selling

In related news, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. The trade was a 2.89 % 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 over the last ninety days. Insiders own 18.00% of the company’s stock.

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.