Olympiad Research LP Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Olympiad Research LP trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 31.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,862 shares of the software maker’s stock after selling 1,810 shares during the period. Olympiad Research LP’s holdings in Fortinet were worth $365,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Eastern Bank acquired a new stake in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter worth $46,000. Finally, R Squared Ltd acquired a new stake in Fortinet during the 4th quarter worth $65,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on FTNT shares. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Barclays increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. TD Cowen raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets raised their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $103.72.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 87,110 shares of company stock worth $8,751,689. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $110.02 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average price of $100.12 and a two-hundred day moving average price of $88.54. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a market capitalization of $84.32 billion, a P/E ratio of 48.68, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.