Xponance Inc. Sells 3,391 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Xponance Inc. cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 178,106 shares of the software maker’s stock after selling 3,391 shares during the quarter. Xponance Inc.’s holdings in Fortinet were worth $10,425,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Headinvest LLC bought a new position in Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the fourth quarter valued at $29,000. Retirement Group LLC bought a new position in shares of Fortinet in the fourth quarter valued at $30,000. Resurgent Financial Advisors LLC bought a new position in shares of Fortinet in the fourth quarter valued at $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet in the third quarter valued at $37,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. DZ Bank lowered shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a research note on Thursday, February 8th. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Truist Financial raised their price target on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Finally, Mizuho raised their price target on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Price Performance

Shares of FTNT stock traded down $0.02 during trading hours on Friday, reaching $64.01. The stock had a trading volume of 423,291 shares, compared to its average volume of 5,852,161. The stock’s fifty day simple moving average is $68.64 and its 200 day simple moving average is $61.52. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The firm has a market capitalization of $48.84 billion, a PE ratio of 44.16, a PEG ratio of 2.87 and a beta of 1.08.

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