Boomfish Wealth Group LLC Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Boomfish Wealth Group LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,830 shares of the software maker’s stock after selling 2,654 shares during the quarter. Fortinet accounts for 1.7% of Boomfish Wealth Group LLC’s investment portfolio, making the stock its 16th largest holding. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,818,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC increased its holdings in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares during the period. Versant Capital Management Inc increased its position in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after buying an additional 128 shares during the last quarter. Diversified Trust Co increased its position in Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the period. Eagle Capital Management LLC increased its stake in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC raised its stake in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 1.6 %

FTNT stock opened at $100.93 on Friday. The firm has a market capitalization of $77.36 billion, a PE ratio of 50.97, a P/E/G ratio of 2.61 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average is $96.25 and its 200-day moving average is $82.69. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $102.17.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $0.35 EPS. Sell-side analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, January 24th. UBS Group raised their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group upped their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $96.83.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last quarter. Company 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.