Laird Norton Wetherby Wealth Management LLC Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Laird Norton Wetherby Wealth Management LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.1% during the fourth quarter, Holdings Channel reports. The firm 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 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. increased its stake in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC purchased a new position in Fortinet in the fourth quarter valued at approximately $43,000. Banque Transatlantique SA purchased a new position in Fortinet in the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC purchased a new position in Fortinet in the fourth quarter valued at approximately $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FTNT shares. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities raised their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Citigroup raised their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Susquehanna raised their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Finally, Morgan Stanley lowered their target price on shares of Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.80.

Fortinet Trading Up 2.9%

Shares of FTNT opened at $105.05 on Wednesday. The stock has a fifty day moving average price of $98.23 and a two-hundred day moving average price of $97.80. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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.

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

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock valued at $74,135,907 over the last three months. Company insiders own 17.20% of the company’s stock.

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.