HB Wealth Management LLC Sells 6,451 Shares of Fortinet, Inc. (NASDAQ:FTNT)

HB Wealth Management LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 56.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,968 shares of the software maker’s stock after selling 6,451 shares during the quarter. HB Wealth Management LLC’s holdings in Fortinet were worth $291,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Headinvest LLC bought a new position in Fortinet in the third quarter valued at approximately $29,000. Atwood & Palmer Inc. bought a new stake in shares of Fortinet in the fourth quarter worth $29,000. Retirement Group LLC bought a new stake in shares of Fortinet in the fourth quarter worth $30,000. Resurgent Financial Advisors LLC bought a new stake in shares of Fortinet in the fourth quarter worth $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Fortinet in the third quarter worth $37,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Capital One Financial lowered shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Citigroup downgraded shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Scotiabank boosted their target price on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $71.55.

Fortinet Trading Up 1.5 %

FTNT stock opened at $68.31 on Friday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company’s 50-day simple moving average is $68.12 and its 200 day simple moving average is $60.76. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a market capitalization of $52.12 billion, a PE ratio of 47.11, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business posted $0.38 earnings per share. Fortinet’s revenue was up 10.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ken Xie sold 46,733 shares of the stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the transaction, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 154,880 shares of company stock valued at $10,233,981 over the last quarter. 17.54% of the stock is owned by company insiders.

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.