Parsons Capital Management Inc. RI Sells 538 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Parsons Capital Management Inc. RI trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,268 shares of the software maker’s stock after selling 538 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Fortinet were worth $6,261,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTNT. Fifth Third Wealth Advisors LLC increased its holdings in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Versant Capital Management Inc increased its stake in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the last quarter. Eagle Capital Management LLC lifted its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC grew its holdings in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTNT. Wedbush lifted their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Rosenblatt Securities upped their target price on Fortinet from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $96.83.

Fortinet Stock Down 0.6 %

NASDAQ FTNT opened at $96.90 on Monday. The business has a fifty day moving average price of $95.70 and a 200 day moving average price of $81.90. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $74.27 billion, a P/E ratio of 48.94, a P/E/G ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the firm posted $0.35 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

About Fortinet

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.