Congress Wealth Management LLC DE Has $5.65 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Congress Wealth Management LLC DE lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,467 shares of the software maker’s stock after selling 2,617 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Fortinet were worth $5,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Atwood & Palmer Inc. bought a new position in Fortinet in the fourth quarter worth $29,000. Headinvest LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $29,000. American National Bank lifted its holdings in shares of Fortinet by 443.6% during the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after acquiring an additional 488 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at about $37,000. Finally, Rakuten Securities Inc. bought a new stake in Fortinet in the fourth quarter valued at about $43,000. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on FTNT. Robert W. Baird decreased their price objective on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Mizuho lowered their price target on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Royal Bank of Canada cut their price objective on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. HSBC reduced their target price on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Finally, Piper Sandler dropped their target price on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $70.10.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the sale, 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. Over the last 90 days, insiders sold 72,396 shares of company stock worth $4,838,534. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Up 0.7 %

FTNT stock traded up $0.42 during midday trading on Friday, reaching $61.35. The company’s stock had a trading volume of 2,653,983 shares, compared to its average volume of 6,588,135. The business’s 50-day simple moving average is $64.61 and its 200-day simple moving average is $62.43. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The stock has a market cap of $46.87 billion, a PE ratio of 40.10, a price-to-earnings-growth ratio of 3.02 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.29 EPS. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.46 EPS for the current year.

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.