Crewe Advisors LLC Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Crewe Advisors LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,695 shares of the software maker’s stock after selling 263 shares during the period. Crewe Advisors LLC’s holdings in Fortinet were worth $160,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Truist Financial Corp increased its position in Fortinet by 5.1% during the 2nd quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock worth $2,765,000 after purchasing an additional 2,227 shares during the period. Czech National Bank increased its position in Fortinet by 7.0% during the 3rd quarter. Czech National Bank now owns 129,330 shares of the software maker’s stock worth $10,030,000 after purchasing an additional 8,502 shares during the period. Park Avenue Securities LLC increased its position in Fortinet by 85.7% during the 3rd quarter. Park Avenue Securities LLC now owns 10,794 shares of the software maker’s stock worth $837,000 after purchasing an additional 4,980 shares during the period. Kesler Norman & Wride LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $249,000. Finally, Evanson Asset Management LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $261,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FTNT. JPMorgan Chase & Co. boosted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Stifel Nicolaus upped their price target on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Royal Bank of Canada upped their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Scotiabank upped their price target on Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a report on Tuesday, January 21st. Finally, Cantor Fitzgerald upped their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $97.73.

Fortinet Price Performance

Shares of Fortinet stock opened at $105.07 on Thursday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $105.12. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50-day simple moving average of $96.92 and a two-hundred day simple moving average of $84.07. The stock has a market capitalization of $80.53 billion, a price-to-earnings ratio of 53.07, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the firm posted $0.35 EPS. Analysts forecast that Fortinet, Inc. will post 1.95 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.