Corient Private Wealth LLC Sells 2,515 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Corient Private Wealth LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,187 shares of the software maker’s stock after selling 2,515 shares during the quarter. Corient Private Wealth LLC’s holdings in Fortinet were worth $12,678,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the fourth quarter worth about $46,000. LFA Lugano Financial Advisors SA grew its stake in shares of Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the last quarter. Private Trust Co. NA grew its stake in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. R Squared Ltd bought a new stake in shares of Fortinet in the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC grew its stake in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Robert W. Baird restated 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. UBS Group set a $123.00 target price on shares of Fortinet in a report on Tuesday. Finally, The Goldman Sachs Group lifted their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.69.

Fortinet Trading Up 1.3 %

Shares of FTNT stock opened at $98.17 on Thursday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a fifty day moving average price of $102.21 and a 200-day moving average price of $92.12. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market cap of $75.49 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 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 in the company, 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 a total of 599,988 shares of company stock valued at $59,094,530 in the last 90 days. Company insiders own 18.00% of the company’s stock.

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.