Marshall Financial Group LLC Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Marshall Financial Group LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,261 shares of the software maker’s stock after selling 384 shares during the quarter. Marshall Financial Group LLC’s holdings in Fortinet were worth $214,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC grew 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 worth $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank raised its stake 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 buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet during the 3rd quarter worth approximately $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.6 %

NASDAQ FTNT opened at $96.90 on Monday. 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 $74.27 billion, a P/E ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. The company’s 50 day simple moving average is $95.70 and its 200 day simple moving average is $81.90. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the prior year, the company earned $0.35 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the company’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 value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 in the last quarter. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTNT. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Finally, TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $96.83.

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.