Concurrent Investment Advisors LLC Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Concurrent Investment Advisors LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 44.5% during the fourth quarter, Holdings Channel reports. The fund owned 2,670 shares of the software maker’s stock after selling 2,145 shares during the period. Concurrent Investment Advisors LLC’s holdings in Fortinet were worth $252,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Private Advisor Group LLC grew its holdings in Fortinet by 15.5% in the 3rd quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock worth $1,879,000 after acquiring an additional 3,253 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Fortinet by 8,011.1% in the third quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock worth $21,506,000 after purchasing an additional 273,900 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Fortinet by 21.0% in the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock worth $1,239,000 after purchasing an additional 2,775 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Fortinet by 37.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock valued at $5,841,000 after purchasing an additional 20,368 shares during the period. Finally, State of Alaska Department of Revenue raised its position in Fortinet by 6.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 73,751 shares of the software maker’s stock valued at $5,719,000 after purchasing an additional 4,595 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the 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 sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,460 shares of company stock valued at $7,063,290 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Morgan Stanley lifted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. TD Cowen boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $103.72.

Fortinet Stock Performance

NASDAQ:FTNT opened at $108.06 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a 50-day simple moving average of $100.54 and a two-hundred day simple moving average of $89.22. The firm has a market capitalization of $82.82 billion, a PE ratio of 47.81, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

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 256.53% and a net margin of 29.30%. Analysts forecast that Fortinet, Inc. will post 2.09 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.