Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by WD Rutherford LLC

WD Rutherford LLC cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,350 shares of the software maker’s stock after selling 1,095 shares during the period. WD Rutherford LLC’s holdings in Fortinet were worth $2,090,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Headinvest LLC acquired a new stake in Fortinet during the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet during the 4th quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at about $37,000. Rakuten Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth about $43,000. Finally, CVA Family Office LLC acquired a new stake in Fortinet during the fourth quarter worth about $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. UBS Group raised their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Piper Sandler reiterated a “neutral” rating and issued a $75.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Scotiabank raised their target price on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. Morgan Stanley increased their price target on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Finally, BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $72.19.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is currently owned by company insiders.

Fortinet Stock Up 0.2 %

Shares of NASDAQ:FTNT opened at $64.18 on Friday. The company has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.84 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The business has a 50-day moving average price of $67.96 and a 200 day moving average price of $61.75. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm earned $0.38 EPS. The business’s revenue was up 10.3% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

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.