Front Row Advisors LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Front Row Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 72,343 shares of the software maker’s stock after selling 415 shares during the quarter. Fortinet makes up 2.4% of Front Row Advisors LLC’s portfolio, making the stock its 6th biggest position. Front Row Advisors LLC’s holdings in Fortinet were worth $6,835,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet during the fourth quarter valued at approximately $27,000. Graney & King LLC bought a new position in shares of Fortinet in the 4th quarter worth $43,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet during the 4th quarter worth $46,000. Runnymede Capital Advisors Inc. bought a new stake in Fortinet during the fourth quarter valued at about $56,000. Finally, LFA Lugano Financial Advisors SA grew its stake in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FTNT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. UBS Group set a $123.00 price target on Fortinet in a research report on Tuesday, March 18th. Scotiabank boosted their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. boosted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $105.69.

Fortinet Stock Performance

Shares of FTNT opened at $96.26 on Tuesday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a 50 day moving average price of $103.01 and a 200 day moving average price of $93.53. The company has a market capitalization of $74.02 billion, a price-to-earnings ratio of 42.59, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its earnings results 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%. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In related news, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 328 shares of the stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

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.