HighTower Advisors LLC Sells 774 Shares of Fortinet, Inc. (NASDAQ:FTNT)

HighTower Advisors LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 264,202 shares of the software maker’s stock after selling 774 shares during the quarter. HighTower Advisors LLC’s holdings in Fortinet were worth $24,962,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its position in Fortinet by 2.4% in the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares in the last quarter. Amundi raised its stake in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after buying an additional 1,766,860 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after buying an additional 542,727 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Fortinet by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after acquiring an additional 156,766 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 622,904 shares of company stock valued at $61,338,694 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on FTNT shares. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. BMO Capital Markets boosted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald increased their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $103.72.

Fortinet Stock Up 3.0 %

Shares of FTNT opened at $96.25 on Friday. The firm has a fifty day moving average price of $102.17 and a 200-day moving average price of $91.57. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $74.01 billion, a P/E ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share 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.