Moloney Securities Asset Management LLC Sells 380 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Moloney Securities Asset Management LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,215 shares of the software maker’s stock after selling 380 shares during the period. Moloney Securities Asset Management LLC’s holdings in Fortinet were worth $398,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Eastern Bank bought a new stake in Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank grew its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in Fortinet in the third quarter worth $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last 90 days. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTNT shares. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday. UBS Group increased their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Rosenblatt Securities boosted their price target on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target 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 report on Friday. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $102.77.

Fortinet Price Performance

Shares of Fortinet stock opened at $109.55 on Tuesday. The firm has a market capitalization of $83.96 billion, a PE ratio of 48.47, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99. The business’s 50-day moving average price is $97.67 and its 200-day moving average price is $85.31.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Sell-side analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

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.