Williams Jones Wealth Management LLC. Sells 14,815 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Williams Jones Wealth Management LLC. cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 225,996 shares of the software maker’s stock after selling 14,815 shares during the period. Williams Jones Wealth Management LLC.’s holdings in Fortinet were worth $21,352,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its holdings in shares of Fortinet by 6.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock valued at $1,612,000 after acquiring an additional 1,085 shares in the last quarter. Ritholtz Wealth Management increased its stake in Fortinet by 42.5% during the 4th quarter. Ritholtz Wealth Management now owns 4,909 shares of the software maker’s stock valued at $464,000 after purchasing an additional 1,465 shares in the last quarter. Sax Wealth Advisors LLC bought a new stake in Fortinet during the 4th quarter valued at $257,000. Premier Path Wealth Partners LLC acquired a new position in Fortinet during the fourth quarter worth $258,000. Finally, HB Wealth Management LLC lifted its stake in shares of Fortinet by 9.4% in the fourth quarter. HB Wealth Management LLC now owns 12,113 shares of the software maker’s stock valued at $1,144,000 after buying an additional 1,041 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Up 0.2%

FTNT stock opened at $104.75 on Tuesday. The stock has a 50-day simple moving average of $98.67 and a two-hundred day simple moving average of $98.61. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The firm has a market capitalization of $80.18 billion, a PE ratio of 46.35, a PEG ratio of 4.19 and a beta of 1.16. 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 (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The company 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%. Fortinet’s revenue was up 13.8% compared to the same quarter last year. During the same period last year, the business earned $0.43 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. The Goldman Sachs Group increased their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $104.80.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is currently owned by company insiders.

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.