Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Avestar Capital LLC

Avestar Capital LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,448 shares of the software maker’s stock after selling 977 shares during the quarter. Avestar Capital LLC’s holdings in Fortinet were worth $515,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. FMR LLC grew its holdings in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. State Street Corp boosted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC boosted its stake in Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock valued at $200,172,000 after purchasing an additional 558,807 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, 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 disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $111.64 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $112.37. The business has a 50-day moving average of $98.60 and a two-hundred day moving average of $86.37. The stock has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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, equities research analysts predict that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on FTNT shares. Wedbush increased their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Cantor Fitzgerald increased their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Morgan Stanley lifted 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. Finally, Robert W. Baird restated a “neutral” rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.