Paradiem LLC Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Paradiem LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,517 shares of the software maker’s stock after selling 168 shares during the quarter. Paradiem LLC’s holdings in Fortinet were worth $3,542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Equity Partners increased its stake in Fortinet by 9.5% in the fourth quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock valued at $270,000 after purchasing an additional 400 shares during the last quarter. Kovack Advisors Inc. increased its stake in Fortinet by 14.5% in the fourth quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock valued at $753,000 after purchasing an additional 1,630 shares during the last quarter. Motley Fool Asset Management LLC increased its stake in Fortinet by 2.4% in the fourth quarter. Motley Fool Asset Management LLC now owns 23,189 shares of the software maker’s stock valued at $1,357,000 after purchasing an additional 554 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in Fortinet by 0.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 384,735 shares of the software maker’s stock valued at $22,519,000 after purchasing an additional 3,036 shares during the last quarter. Finally, Syon Capital LLC increased its stake in Fortinet by 17.5% in the fourth quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock valued at $299,000 after purchasing an additional 758 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on 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 owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on 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 approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock valued at $8,977,876 in the last quarter. Insiders own 17.54% of the company’s stock.

Fortinet Stock Up 0.2 %

FTNT traded up $0.15 on Friday, reaching $64.18. The company’s stock had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. The stock has a market cap of $48.97 billion, a price-to-earnings ratio of 44.26, a price-to-earnings-growth ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business’s 50 day moving average is $67.96 and its 200 day moving average is $61.77.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the business posted $0.38 EPS. Fortinet’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on FTNT shares. BMO Capital Markets upped their target price on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Wells Fargo & Company upped their target price on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Piper Sandler restated a “neutral” rating and set a $75.00 price target on shares of Fortinet in a research note on Wednesday, April 3rd. Scotiabank upped their price target on Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, February 7th. Finally, Morgan Stanley upped their price target on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $72.19.

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.