Congress Asset Management Co. MA Sells 8,853 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Congress Asset Management Co. MA trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.3% during the 4th quarter, Holdings Channel reports. The firm owned 258,170 shares of the software maker’s stock after selling 8,853 shares during the quarter. Congress Asset Management Co. MA’s holdings in Fortinet were worth $15,111,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vima LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $25,000. Atwood & Palmer Inc. purchased a new stake in Fortinet in the fourth quarter worth approximately $29,000. Headinvest LLC purchased a new stake in Fortinet in the third quarter worth approximately $29,000. Creekmur Asset Management LLC purchased a new stake in Fortinet in the fourth quarter worth approximately $32,000. Finally, American National Bank boosted its stake in Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after buying an additional 488 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 in the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Stock Up 0.9 %

FTNT traded up $0.55 during trading on Friday, reaching $60.78. The stock had a trading volume of 3,212,908 shares, compared to its average volume of 4,293,923. The stock’s 50 day moving average is $61.98 and its two-hundred day moving average is $63.28. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The company has a market capitalization of $46.43 billion, a price-to-earnings ratio of 39.73, a P/E/G ratio of 2.98 and a beta of 0.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 earnings per share. As a group, analysts expect that Fortinet, Inc. will post 1.46 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Scotiabank cut their target price on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. cut their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Cantor Fitzgerald cut their target price on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. HSBC cut their target price on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a research note on Friday, May 3rd. Finally, StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $70.10.

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.