Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 41.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,682 shares of the software maker’s stock after selling 44,366 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Fortinet were worth $3,669,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FTNT. Headinvest LLC acquired a new position in shares of Fortinet during the third quarter valued at approximately $29,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $37,000. Rakuten Securities Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Finally, CVA Family Office LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 0.2 %

FTNT opened at $64.18 on Friday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.85 and a beta of 1.08. 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 has a fifty day moving average price of $67.96 and a 200 day moving average price of $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 the consensus estimate 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 firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the firm posted $0.38 EPS. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTNT. Morgan Stanley increased their price target on Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Susquehanna reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Jefferies Financial Group cut their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Finally, The Goldman Sachs Group increased their price target on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $72.19.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the company’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 transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly 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 can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last three months. 17.54% of the stock is owned by corporate 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.