Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Connectus Wealth LLC

Connectus Wealth LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 1.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 33,329 shares of the software maker’s stock after selling 639 shares during the quarter. Connectus Wealth LLC’s holdings in Fortinet were worth $1,951,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Atwood & Palmer Inc. purchased a new position in Fortinet in the 4th quarter worth about $29,000. Headinvest LLC acquired a new stake in Fortinet during 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 valued at $35,000 after buying an additional 488 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $43,000. Finally, CVA Family Office LLC acquired a new position in Fortinet in the fourth quarter worth approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Wells Fargo & Company decreased their target price on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Wedbush reissued an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Robert W. Baird cut their target price on Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. BMO Capital Markets decreased their price target on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, May 3rd. Finally, Jefferies Financial Group reduced their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $70.10.

Check Out Our Latest Stock Report on Fortinet

Fortinet Trading Up 0.6 %

Shares of FTNT opened at $60.09 on Tuesday. The stock has a fifty day moving average price of $62.91 and a two-hundred day moving average price of $63.10. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a market cap of $45.91 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 2.93 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

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

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold 67,403 shares of company stock valued at $4,262,858 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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