Hartford Investment Management Co. Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Hartford Investment Management Co. reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 42,937 shares of the software maker’s stock after selling 2,686 shares during the quarter. Hartford Investment Management Co.’s holdings in Fortinet were worth $2,513,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FTNT. Penserra Capital Management LLC raised its holdings in shares of Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares during the period. Evergreen Capital Management LLC increased its position in Fortinet by 5.2% in the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after buying an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC lifted its position in shares of Fortinet by 6.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock valued at $296,000 after buying an additional 50 shares during the last quarter. Covestor Ltd lifted its position in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC grew its stake in shares of Fortinet by 3.7% during the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after acquiring an additional 66 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on FTNT. Wells Fargo & Company upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a report on Thursday, February 8th. BMO Capital Markets boosted their target price on shares of Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, February 7th. Morgan Stanley raised their price target on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $75.00 price objective (up from $50.00) on shares of Fortinet in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $72.35.

Fortinet Trading Down 2.9 %

Shares of FTNT stock opened at $69.23 on Friday. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business has a 50-day moving average of $68.64 and a 200 day moving average of $60.97. The stock has a market capitalization of $52.82 billion, a PE ratio of 47.74, a P/E/G ratio of 3.06 and a beta of 1.08. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The company’s revenue for the quarter 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 other Fortinet news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction on 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 directly owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at approximately $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 that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value 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 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.