Migdal Insurance & Financial Holdings Ltd. Sells 235 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Migdal Insurance & Financial Holdings Ltd. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 37,904 shares of the software maker’s stock after selling 235 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Fortinet were worth $3,581,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Fifth Third Wealth Advisors LLC lifted its stake in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the period. Versant Capital Management Inc lifted its stake in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co lifted its stake in shares of Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after acquiring an additional 135 shares during the period. Eagle Capital Management LLC lifted its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its stake in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Jefferies Financial Group increased their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus increased their target price on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $97.73.

Fortinet Stock Performance

FTNT opened at $104.72 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $105.82. The stock has a market cap of $80.26 billion, a price-to-earnings ratio of 52.89, a PEG ratio of 2.65 and a beta of 1.01. The business has a 50 day moving average of $97.13 and a 200-day moving average of $84.21. 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 released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. On average, equities research analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was 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.

About Fortinet

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.