Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Members Trust Co

Members Trust Co decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,707 shares of the software maker’s stock after selling 268 shares during the quarter. Members Trust Co’s holdings in Fortinet were worth $256,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Manchester Capital Management LLC raised its stake in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the last quarter. Versant Capital Management Inc raised its stake in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares during the last quarter. Diversified Trust Co raised its stake in Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after purchasing an additional 135 shares during the last quarter. Finally, Eagle Capital Management LLC raised its stake in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.5 %

Shares of FTNT stock opened at $111.64 on Friday. The stock has a 50-day simple moving average of $98.60 and a 200 day simple moving average of $86.37. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $112.37. The stock has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, sell-side analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last three months. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FTNT. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price target on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $103.72.

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.