Institute for Wealth Management LLC. Sells 657 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Institute for Wealth Management LLC. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 57,032 shares of the software maker’s stock after selling 657 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Fortinet were worth $3,338,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Twin Capital Management Inc. boosted its position in shares of Fortinet by 19.9% during the 4th quarter. Twin Capital Management Inc. now owns 51,218 shares of the software maker’s stock valued at $2,998,000 after acquiring an additional 8,494 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Fortinet by 149.0% during the 4th quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker’s stock valued at $3,502,000 after acquiring an additional 35,803 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of Fortinet by 71.2% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,712 shares of the software maker’s stock valued at $100,000 after acquiring an additional 712 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Fortinet by 28.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 163,676 shares of the software maker’s stock valued at $9,580,000 after acquiring an additional 36,024 shares during the last quarter. Finally, Rakuten Securities Inc. bought a new position in shares of Fortinet during the 4th quarter valued at approximately $43,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Down 1.2 %

FTNT stock traded down $0.74 during trading on Friday, reaching $63.29. 2,415,688 shares of the company traded hands, compared to its average volume of 5,876,568. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The business has a 50 day simple moving average of $68.64 and a 200 day simple moving average of $61.52. The company has a market capitalization of $48.29 billion, a price-to-earnings ratio of 43.74, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s 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 sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s 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 sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. Sanford C. Bernstein initiated coverage on Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price for the company. Stifel Nicolaus increased their price target on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Susquehanna restated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Truist Financial increased their price target on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, BMO Capital Markets increased their price target on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $72.19.

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.