Congress Park Capital LLC Trims Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Congress Park Capital LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,476 shares of the software maker’s stock after selling 260 shares during the quarter. Congress Park Capital LLC’s holdings in Fortinet were worth $1,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Eagle Capital Management LLC raised its position in shares of Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after purchasing an additional 544 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Fortinet by 14.8% in the second quarter. American Century Companies Inc. now owns 480,525 shares of the software maker’s stock worth $28,961,000 after buying an additional 61,948 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in shares of Fortinet during the second quarter valued at approximately $308,000. Mutual of America Capital Management LLC increased its position in shares of Fortinet by 6.6% during the second quarter. Mutual of America Capital Management LLC now owns 114,634 shares of the software maker’s stock valued at $6,909,000 after acquiring an additional 7,086 shares in the last quarter. Finally, E Fund Management Co. Ltd. raised its holdings in Fortinet by 19.0% in the 2nd quarter. E Fund Management Co. Ltd. now owns 13,867 shares of the software maker’s stock worth $836,000 after acquiring an additional 2,214 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $94.05 on Friday. The business’s 50-day moving average is $95.63 and its 200 day moving average is $80.10. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The company has a market capitalization of $72.08 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Analyst Ratings Changes

Several research firms recently commented on FTNT. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $100.00 to $120.00 in a research note on Monday, January 6th. Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their target price on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a report on Thursday, January 2nd. Finally, Rosenblatt Securities boosted their price target on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $94.35.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This 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 valued at $6,469,056 in the last quarter. 18.00% of the stock is currently owned by 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.