Financial Partners Group LLC Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Financial Partners Group LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 19.0% in the fourth quarter, Holdings Channel reports. The firm owned 16,580 shares of the software maker’s stock after selling 3,893 shares during the period. Financial Partners Group LLC’s holdings in Fortinet were worth $1,566,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Eastern Bank bought a new stake in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC raised its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. City State Bank lifted its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in Fortinet during the 3rd quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $97.45 on Friday. The firm has a 50 day moving average of $95.65 and a two-hundred day moving average of $81.33. The firm has a market capitalization of $74.69 billion, a PE ratio of 49.22, a P/E/G ratio of 2.58 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the company posted $0.35 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last quarter. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FTNT shares. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $100.00 to $120.00 in a report on Monday, January 6th. JPMorgan Chase & Co. boosted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Morgan Stanley raised their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $96.83.

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.