Xponance Inc. Sells 14,538 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Xponance Inc. reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 150,013 shares of the software maker’s stock after selling 14,538 shares during the quarter. Xponance Inc.’s holdings in Fortinet were worth $14,173,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new stake in Fortinet during the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI raised its holdings in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares during the last quarter. Trilogy Capital Inc. raised its holdings in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after buying an additional 3,544 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. raised its holdings in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock valued at $28,343,000 after buying an additional 169,530 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Fortinet during the 3rd quarter valued at $10,343,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock worth $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $96.91 on Wednesday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company’s 50-day moving average is $102.17 and its 200 day moving average is $92.08. The company has a market capitalization of $74.52 billion, a price-to-earnings ratio of 42.88, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FTNT shares. The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research report on Thursday, December 19th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $105.69.

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.