Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Lifestyle Asset Management Inc.

Lifestyle Asset Management Inc. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.9% in the 4th quarter, Holdings Channel reports. The firm owned 4,437 shares of the software maker’s stock after selling 178 shares during the quarter. Lifestyle Asset Management Inc.’s holdings in Fortinet were worth $419,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Donoghue Forlines LLC increased its holdings in Fortinet by 160.4% in the 4th quarter. Donoghue Forlines LLC now owns 21,791 shares of the software maker’s stock valued at $2,059,000 after purchasing an additional 13,422 shares in the last quarter. Trust Co. of Oklahoma acquired a new stake in Fortinet in the 4th quarter valued at $210,000. Beacon Investment Advisory Services Inc. increased its holdings in Fortinet by 57.7% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 260,882 shares of the software maker’s stock valued at $24,648,000 after purchasing an additional 95,414 shares in the last quarter. Raleigh Capital Management Inc. increased its holdings in Fortinet by 63.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 1,554 shares of the software maker’s stock valued at $147,000 after purchasing an additional 604 shares in the last quarter. Finally, Mutual Advisors LLC increased its holdings in Fortinet by 20.6% in the 4th quarter. Mutual Advisors LLC now owns 4,498 shares of the software maker’s stock valued at $423,000 after purchasing an additional 768 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on FTNT. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Royal Bank of Canada upped their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group upped their price objective on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $96.83.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase 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 company insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $97.45 on Friday. The firm’s 50 day moving average is $95.65 and its two-hundred day moving average is $81.33. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The firm has a market capitalization of $74.69 billion, a P/E ratio of 49.22, a PEG ratio of 2.55 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 (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business earned $0.35 earnings per share. Analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.