Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Foster Victor Wealth Advisors LLC

Foster Victor Wealth Advisors LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 81,851 shares of the software maker’s stock after selling 10,366 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Fortinet were worth $7,713,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FTNT. FMR LLC grew its stake 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 valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp grew its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC increased its stake in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, Bank of Montreal Can raised its position in Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after buying an additional 558,807 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FTNT. UBS Group lifted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. The Goldman Sachs Group increased their target price on Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $96.83.

Fortinet Stock Performance

NASDAQ:FTNT opened at $99.83 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The firm has a 50 day simple moving average of $95.98 and a 200-day simple moving average of $82.45. The firm has a market cap of $76.51 billion, a PE ratio of 50.42, a P/E/G ratio of 2.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the prior year, the company posted $0.35 EPS. On average, equities analysts expect that Fortinet, Inc. will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on 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. In the last ninety days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 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.