44 Wealth Management LLC Sells 786 Shares of Fortinet, Inc. (NASDAQ:FTNT)

44 Wealth Management LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 5.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 14,219 shares of the software maker’s stock after selling 786 shares during the period. 44 Wealth Management LLC’s holdings in Fortinet were worth $1,343,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. 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 during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in Fortinet during the 4th quarter valued at $46,000. Finally, R Squared Ltd bought a new position in Fortinet in the 4th quarter valued at $65,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the business’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 transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, 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 have sold a total of 87,110 shares of company stock worth $8,751,689 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT opened at $110.02 on Friday. The company has a 50 day moving average of $100.12 and a two-hundred day moving average of $88.31. 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 twelve month low of $54.57 and a twelve month high of $114.82. The company has a market cap of $84.33 billion, a price-to-earnings ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. BMO Capital Markets lifted their price target 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. Finally, Robert W. Baird reissued a “neutral” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet 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.