Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Haverford Trust Co

Haverford Trust Co cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.1% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 4,478 shares of the software maker’s stock after selling 1,581 shares during the period. Haverford Trust Co’s holdings in Fortinet were worth $423,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $46,000. Runnymede Capital Advisors Inc. purchased a new position in Fortinet in the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA grew its stake in Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA increased its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. Finally, R Squared Ltd acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $102.09 on Wednesday. The firm has a market capitalization of $78.50 billion, a PE ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company’s 50 day simple moving average is $102.65 and its 200 day simple moving average is $92.89.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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 return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. 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 on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, 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 three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Morgan Stanley assumed coverage on shares of Fortinet in a research note on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 price target for the company. Mizuho upped their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $105.69.

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.