Moors & Cabot Inc. Sells 325 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Moors & Cabot Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 32,015 shares of the software maker’s stock after selling 325 shares during the quarter. Moors & Cabot Inc.’s holdings in Fortinet were worth $3,025,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. First Hawaiian Bank bought a new position in shares of Fortinet in the fourth quarter worth about $670,000. LVM Capital Management Ltd. MI lifted its position in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC lifted its position in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares in the last quarter. Trilogy Capital Inc. lifted its position in shares of Fortinet by 17.8% in the fourth 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 in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. lifted its position in shares of Fortinet by 129.9% in the fourth 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 in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction 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 in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 622,904 shares of company stock valued at $61,338,694. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.4 %

Shares of NASDAQ:FTNT opened at $97.93 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a market cap of $75.31 billion, a P/E ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business’s 50 day moving average is $102.22 and its 200 day moving average is $91.41. 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 announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently commented on FTNT. Scotiabank boosted their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $103.72.

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.