Valeo Financial Advisors LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Valeo Financial Advisors LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 20.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 8,531 shares of the software maker’s stock after selling 2,213 shares during the period. Valeo Financial Advisors LLC’s holdings in Fortinet were worth $499,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Fortinet by 24.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock valued at $133,738,000 after acquiring an additional 76,027 shares in the last quarter. Raymond James Trust N.A. raised its holdings in shares of Fortinet by 24.0% in the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock valued at $779,000 after acquiring an additional 441 shares in the last quarter. Zions Bancorporation N.A. raised its holdings in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of Fortinet by 209.4% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock valued at $530,000 after acquiring an additional 1,049 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on FTNT shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a report on Thursday, February 8th. Sanford C. Bernstein initiated coverage on Fortinet in a report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price objective on the stock. Finally, Piper Sandler reissued a “neutral” rating and set a $75.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $72.35.

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction 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 $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, 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. Insiders sold a total of 108,147 shares of company stock worth $7,424,394 in the last quarter. 17.54% of the stock is owned by company insiders.

Fortinet Price Performance

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

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

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.