Blue Trust Inc. Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

Blue Trust Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 47.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,398 shares of the software maker’s stock after selling 6,725 shares during the quarter. Blue Trust Inc.’s holdings in Fortinet were worth $699,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FTNT. FMR LLC increased its stake in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC boosted its position 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 valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. State Street Corp boosted its position in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC boosted its position in shares of Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its position in shares of Fortinet by 1,084.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after purchasing an additional 601,801 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Barclays boosted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Cantor Fitzgerald boosted their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Finally, Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of FTNT opened at $111.64 on Monday. 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 business has a 50-day simple moving average of $98.60 and a two-hundred day simple moving average of $86.77. The stock has a market cap of $85.57 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated 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 completion of the purchase, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Fortinet 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.