Laird Norton Wetherby Wealth Management LLC Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

Laird Norton Wetherby Wealth Management LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,470 shares of the software maker’s stock after selling 579 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in Fortinet were worth $1,273,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Fortinet by 2.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker’s stock valued at $7,271,000 after purchasing an additional 1,638 shares during the period. Harbor Capital Advisors Inc. grew its stake in Fortinet by 2.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker’s stock worth $686,000 after buying an additional 180 shares in the last quarter. Czech National Bank grew its stake in Fortinet by 6.7% in the 4th quarter. Czech National Bank now owns 137,932 shares of the software maker’s stock worth $13,032,000 after buying an additional 8,602 shares in the last quarter. Capital Investment Advisors LLC purchased a new position in Fortinet in the 4th quarter worth approximately $603,000. Finally, Wedmont Private Capital grew its stake in Fortinet by 7.4% in the 4th quarter. Wedmont Private Capital now owns 5,809 shares of the software maker’s stock worth $549,000 after buying an additional 402 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $105.05 on Wednesday. The company has a market cap of $80.33 billion, a price-to-earnings ratio of 46.48, a PEG ratio of 4.19 and a beta of 1.16. The firm’s fifty day moving average is $98.23 and its 200 day moving average is $97.80. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business’s revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the business earned $0.43 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research reports. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Royal Bank of Canada dropped their target price on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a research report on Thursday, May 8th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. Jefferies Financial Group lowered their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Finally, KeyCorp decreased their target price on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.80.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 23,500 shares of the business’s 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 sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 in the last three months. Corporate insiders own 17.20% of the company’s stock.

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.