Wright Investors Service Inc. Has $1.35 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Wright Investors Service Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 22.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,066 shares of the software maker’s stock after selling 6,631 shares during the period. Wright Investors Service Inc.’s holdings in Fortinet were worth $1,350,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FTNT. Headinvest LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. bought a new position in Fortinet in the 4th quarter valued at $29,000. Retirement Group LLC bought a new position in Fortinet in the 4th quarter valued at $30,000. Resurgent Financial Advisors LLC bought a new position in Fortinet in the 4th quarter valued at $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet in the 3rd quarter valued at $37,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of Fortinet 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 completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’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 transaction of $2,549,620.05. Following the transaction, the vice president now 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. Over the last ninety days, insiders sold 132,139 shares of company stock worth $8,977,876. Corporate insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Truist Financial increased their price objective on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and lifted their price target for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. The Goldman Sachs Group lifted their price target on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Wells Fargo & Company lifted their price target on Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada raised their price objective on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $72.19.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $0.09 during trading on Thursday, reaching $64.75. 679,896 shares of the stock were exchanged, compared to its average volume of 5,891,445. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a 50-day moving average price of $68.72 and a 200-day moving average price of $61.50. The firm has a market cap of $49.41 billion, a PE ratio of 44.31, a PEG ratio of 2.86 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

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.