Guggenheim Capital LLC Sells 75,430 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Guggenheim Capital LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 493,747 shares of the software maker’s stock after selling 75,430 shares during the period. Guggenheim Capital LLC owned approximately 0.06% of Fortinet worth $46,649,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Orion Portfolio Solutions LLC grew its holdings in shares of Fortinet by 3.5% in the third quarter. Orion Portfolio Solutions LLC now owns 12,442 shares of the software maker’s stock valued at $965,000 after acquiring an additional 416 shares in the last quarter. Anchor Investment Management LLC increased its stake in shares of Fortinet by 4.2% in the third quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after purchasing an additional 1,866 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new stake in Fortinet during the 3rd quarter valued at $9,818,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Fortinet during the 3rd quarter valued at $280,000. Finally, Optimist Retirement Group LLC bought a new stake in shares of Fortinet during the third quarter valued at about $394,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

FTNT stock opened at $96.85 on Tuesday. The firm has a market cap of $74.48 billion, a P/E ratio of 42.85, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The stock has a 50-day simple moving average of $101.56 and a 200-day simple moving average of $94.86. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. 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 (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Susquehanna raised their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Jefferies Financial Group lowered their price objective on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Scotiabank raised their price target on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Morgan Stanley initiated coverage on shares of Fortinet in a report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 target price on the stock. Finally, 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. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $105.77.

Insider Activity at Fortinet

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were 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 of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 in the last three months. 18.00% of the stock is owned by company 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.