Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 33.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 700 shares of the software maker’s stock after selling 350 shares during the quarter. Intact Investment Management Inc.’s holdings in Fortinet were worth $66,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC raised its holdings in Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC grew its position in shares of Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its position in shares of Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC grew its position in shares of Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after acquiring an additional 127 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were 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 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 ninety days, insiders have sold 622,904 shares of company stock worth $61,338,694. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $96.25 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm’s 50-day simple moving average is $102.17 and its 200 day simple moving average is $91.68. The firm has a market capitalization of $74.01 billion, a PE ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTNT. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Piper Sandler restated an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Wells Fargo & Company boosted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Finally, Truist Financial reissued a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $103.72.

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.