United Capital Financial Advisors LLC Sells 335 Shares of Fortinet, Inc. (NASDAQ:FTNT)

United Capital Financial Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 16,612 shares of the software maker’s stock after selling 335 shares during the quarter. United Capital Financial Advisors LLC’s holdings in Fortinet were worth $1,570,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet during the 4th quarter valued at about $27,000. Oarsman Capital Inc. boosted its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet during the 4th quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at $56,000. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 576,944 shares of company stock valued at $56,944,064 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $96.13 on Friday. The firm has a market capitalization of $73.92 billion, a price-to-earnings ratio of 42.54, a PEG ratio of 4.19 and a beta of 1.09. 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. The company has a fifty day simple moving average of $100.70 and a 200-day simple moving average of $95.16.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. The Goldman Sachs Group raised 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. Piper Sandler restated an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Royal Bank of Canada upped their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Jefferies Financial Group reduced their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday, March 31st. Finally, Cantor Fitzgerald upped their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $105.17.

Fortinet 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.