Intact Investment Management Inc. Sells 350 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Intact Investment Management Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 700 shares of the software maker’s stock after selling 350 shares during the quarter. Intact Investment Management Inc.’s holdings in Fortinet were worth $66,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new stake in Fortinet during the 4th quarter valued at about $670,000. LVM Capital Management Ltd. MI raised its holdings in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Trilogy Capital Inc. grew its position in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. grew its position in shares of Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after buying an additional 169,530 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Fortinet in the 3rd quarter worth approximately $10,343,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $96.25 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market capitalization of $74.01 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The company has a fifty day simple moving average of $102.17 and a 200-day simple moving average of $91.68. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FTNT shares. JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Finally, Royal Bank of Canada upped their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $103.72.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 622,904 shares of company stock valued at $61,338,694 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.