Signaturefd LLC Has $622,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Signaturefd LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,623 shares of the software maker’s stock after selling 987 shares during the period. Signaturefd LLC’s holdings in Fortinet were worth $622,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. First Trust Direct Indexing L.P. lifted its holdings in Fortinet by 1.6% during the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock valued at $748,000 after purchasing an additional 197 shares during the last quarter. Catalyst Financial Partners LLC lifted its holdings in shares of Fortinet by 5.1% in the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock worth $254,000 after buying an additional 209 shares in the last quarter. Realta Investment Advisors lifted its holdings in shares of Fortinet by 6.8% in the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock worth $200,000 after buying an additional 217 shares in the last quarter. First Foundation Advisors lifted its holdings in shares of Fortinet by 0.6% in the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock worth $2,353,000 after buying an additional 223 shares in the last quarter. Finally, Syntax Advisors LLC lifted its holdings in shares of Fortinet by 7.0% in the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock worth $201,000 after buying an additional 224 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTNT. Capital One Financial downgraded shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Jefferies Financial Group lowered their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. The Goldman Sachs Group raised their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Scotiabank raised their target price on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Wednesday, February 7th. Finally, HSBC downgraded shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price on the stock. in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $72.19.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s 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 sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the business’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 transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s 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 in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 in the last three months. 17.54% of the stock is currently owned by company insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $64.80 on Wednesday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The stock has a 50-day moving average of $68.28 and a 200 day moving average of $61.67. The company has a market capitalization of $49.44 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 2.83 and a beta of 1.08. 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 quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the company earned $0.38 EPS. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

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.