DB Fitzpatrick & Co Inc Sells 2,214 Shares of Fortinet, Inc. (NASDAQ:FTNT)

DB Fitzpatrick & Co Inc cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,537 shares of the software maker’s stock after selling 2,214 shares during the period. Fortinet makes up 1.8% of DB Fitzpatrick & Co Inc’s holdings, making the stock its 9th largest position. DB Fitzpatrick & Co Inc’s holdings in Fortinet were worth $1,940,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its stake in Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC increased its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Fortinet in the 3rd quarter valued at about $10,343,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $94.23 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The company has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The stock has a fifty day moving average price of $95.68 and a 200-day moving average price of $80.34.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Robert W. Baird upped their target price on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. BMO Capital Markets increased their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Scotiabank boosted their target price on shares of Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.16.

Insider Buying and Selling

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 completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last quarter. 18.00% of the stock is owned by company insiders.

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.