Bison Wealth LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Bison Wealth LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 10,330 shares of the software maker’s stock after selling 2,032 shares during the quarter. Bison Wealth LLC’s holdings in Fortinet were worth $605,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FTNT. Covestor Ltd raised its position in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares in the last quarter. Zions Bancorporation N.A. raised its position in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after acquiring an additional 73 shares in the last quarter. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the 4th quarter worth approximately $29,000. Headinvest LLC bought a new position in shares of Fortinet in the 3rd quarter worth approximately $29,000. Finally, Quarry LP raised its position in shares of Fortinet by 686.6% in the 2nd quarter. Quarry LP now owns 527 shares of the software maker’s stock worth $40,000 after acquiring an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold a total of 108,147 shares of company stock valued at $7,424,394 over the last ninety days. 17.54% of the stock is currently owned by company insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $64.48 on Wednesday. The company has a market capitalization of $49.20 billion, a PE ratio of 44.47, a price-to-earnings-growth ratio of 2.87 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The business’s fifty day moving average is $68.83 and its 200 day moving average is $61.48. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $0.38 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FTNT. Truist Financial raised their price objective on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Tuesday, February 13th. UBS Group raised their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $75.00 price objective (up previously from $50.00) on shares of Fortinet in a research report on Wednesday, February 7th. Finally, StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.35.

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.