Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by RMR Wealth Builders

RMR Wealth Builders trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,778 shares of the software maker’s stock after selling 114 shares during the period. RMR Wealth Builders’ holdings in Fortinet were worth $357,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FTNT. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. FMR LLC lifted 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 worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Fortinet by 89.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after acquiring an additional 1,265,162 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after acquiring an additional 1,199,241 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Bank of America upped their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets upped their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Scotiabank upped their price objective on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $94.35.

Fortinet Trading Down 1.5 %

NASDAQ FTNT opened at $94.56 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s fifty day moving average price is $94.28 and its 200 day moving average price is $78.90. The company has a market capitalization of $72.48 billion, a price-to-earnings ratio of 47.76, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,123 shares of company stock valued at $6,227,201 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Company 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.