Olympiad Research LP Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Olympiad Research LP cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 31.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,862 shares of the software maker’s stock after selling 1,810 shares during the quarter. Olympiad Research LP’s holdings in Fortinet were worth $365,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Fortinet during the fourth quarter worth about $46,000. Finally, R Squared Ltd acquired a new position in Fortinet in the 4th quarter valued at about $65,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT opened at $110.02 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm’s 50 day moving average price is $100.12 and its 200 day moving average price is $88.54. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $84.32 billion, a P/E ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced 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, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FTNT shares. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, 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 approximately $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 87,110 shares of company stock valued at $8,751,689. 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.