Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. decreased its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 52.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,185 shares of the software maker’s stock after selling 9,947 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Fortinet were worth $539,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC grew its position in Fortinet by 6.6% during the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares in the last quarter. Evergreen Capital Management LLC grew its position in Fortinet by 5.2% during the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC grew its position in Fortinet by 6.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd grew its position in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC grew its position in Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after purchasing an additional 66 shares in the last quarter. 65.00% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 664 shares of Fortinet stock in a transaction dated Wednesday, December 6th. The shares were bought at an average cost of $52.62 per share, for a total transaction of $34,939.68. Following the completion of the transaction, the director now owns 293,041 shares of the company’s stock, valued at $15,419,817.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director William H. Neukom bought 664 shares of Fortinet stock in a transaction dated Wednesday, December 6th. The shares were bought at an average cost of $52.62 per share, for a total transaction of $34,939.68. Following the completion of the transaction, the director now owns 293,041 shares of the company’s stock, valued at $15,419,817.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,332 shares of company stock valued at $8,704,410. 17.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $75.00 price target (up from $50.00) on shares of Fortinet in a report on Wednesday. Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Sanford C. Bernstein assumed coverage on shares of Fortinet in a report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target on the stock. Wedbush boosted their price target on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Jefferies Financial Group cut shares of Fortinet from a “buy” rating to a “hold” rating and lowered their price target for the company from $85.00 to $65.00 in a report on Thursday, October 19th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $71.13.

Get Our Latest Analysis on FTNT

Fortinet Stock Up 3.8 %

Shares of FTNT opened at $70.44 on Friday. The company has a 50-day simple moving average of $60.53 and a 200-day simple moving average of $59.36. The firm has a market capitalization of $54.09 billion, a P/E ratio of 48.58, a P/E/G ratio of 3.09 and a beta of 1.09. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.19. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last announced 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. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, equities research analysts expect that Fortinet, Inc. will post 1.36 earnings per share for the current year.

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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