Focus Financial Network Inc. Sells 390 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Focus Financial Network Inc. trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 10.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,463 shares of the software maker’s stock after selling 390 shares during the period. Focus Financial Network Inc.’s holdings in Fortinet were worth $327,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. First Hawaiian Bank bought a new stake in shares of Fortinet during the fourth quarter worth $670,000. LVM Capital Management Ltd. MI grew its holdings in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden grew its holdings in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now 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 disclosure for this purchase can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 2.1 %

NASDAQ FTNT opened at $109.98 on Friday. The business’s 50-day moving average price is $98.35 and its two-hundred day moving average price is $85.99. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99. The firm has a market capitalization of $84.29 billion, a PE ratio of 48.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research analyst reports. Stifel Nicolaus increased their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Morgan Stanley increased their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. raised their price target on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.72.

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.