Janiczek Wealth Management LLC Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Janiczek Wealth Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 36.6% in the fourth quarter, Holdings Channel reports. The firm owned 440 shares of the software maker’s stock after selling 254 shares during the period. Janiczek Wealth Management LLC’s holdings in Fortinet were worth $26,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Headinvest LLC purchased a new stake in shares of Fortinet during the third quarter worth about $29,000. Atwood & Palmer Inc. acquired a new position in Fortinet during the fourth quarter worth about $29,000. Retirement Group LLC acquired a new position in Fortinet during the fourth quarter worth about $30,000. Resurgent Financial Advisors LLC acquired a new position in Fortinet during the fourth quarter worth about $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Fortinet during the third quarter worth about $37,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. Wedbush boosted their price target on shares of Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Scotiabank boosted their price target on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, February 7th. Piper Sandler restated a “neutral” rating and set a $75.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Morgan Stanley boosted their price target on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $75.00 target price (up from $50.00) on shares of Fortinet in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $72.35.

Fortinet Price Performance

Shares of FTNT opened at $66.45 on Friday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm’s 50 day moving average price is $68.91 and its 200 day moving average price is $61.37. The company has a market cap of $50.70 billion, a P/E ratio of 45.83, a PEG ratio of 2.95 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 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 company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm posted $0.38 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on 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 sale, the vice president now 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. In the last three months, insiders have sold 108,147 shares of company stock valued at $7,424,394. Insiders own 17.54% of the company’s stock.

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.