FourThought Financial Partners LLC Acquires 14,945 Shares of Fortinet, Inc. (NASDAQ:FTNT)

FourThought Financial Partners LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 183.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 23,076 shares of the software maker’s stock after acquiring an additional 14,945 shares during the period. FourThought Financial Partners LLC’s holdings in Fortinet were worth $1,351,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Knuff & Co LLC raised its stake in Fortinet by 1.1% during the fourth quarter. Knuff & Co LLC now owns 122,795 shares of the software maker’s stock worth $7,187,000 after acquiring an additional 1,296 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $222,000. Malaga Cove Capital LLC bought a new position in Fortinet during the 4th quarter valued at about $263,000. Los Angeles Capital Management LLC boosted its position in Fortinet by 27.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 259,235 shares of the software maker’s stock valued at $15,173,000 after buying an additional 55,411 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in Fortinet by 9.3% during the fourth quarter. First Horizon Advisors Inc. now owns 194,111 shares of the software maker’s stock worth $11,361,000 after buying an additional 16,577 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 9.7 %

Shares of NASDAQ:FTNT traded down $6.32 during trading on Friday, hitting $58.88. 15,896,615 shares of the company’s stock traded hands, compared to its average volume of 4,338,557. The company has a 50-day moving average price of $67.53 and a 200-day moving average price of $61.92. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The company has a market cap of $44.94 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 2.61 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 5,061.85%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm posted $0.29 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. As a group, research analysts forecast that Fortinet, Inc. will post 1.4 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Susquehanna restated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 target price for the company. in a research note on Thursday, February 8th. Finally, Barclays decreased their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $70.68.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,480 shares of company stock worth $8,021,556. Corporate insiders own 17.54% 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.