Institute for Wealth Management LLC. Has $3.34 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Institute for Wealth Management LLC. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,032 shares of the software maker’s stock after selling 657 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Fortinet were worth $3,338,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FTNT. Alliancebernstein L.P. increased its position in shares of Fortinet by 2.1% during the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after purchasing an additional 595,952 shares during the period. State Street Corp increased its position in shares of Fortinet by 2.1% during the first quarter. State Street Corp now owns 25,395,593 shares of the software maker’s stock valued at $1,687,787,000 after purchasing an additional 527,129 shares during the period. Geode Capital Management LLC increased its position in shares of Fortinet by 1.0% during the first quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock valued at $1,007,182,000 after purchasing an additional 147,048 shares during the period. Moneta Group Investment Advisors LLC increased its position in shares of Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after purchasing an additional 14,586,086 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 1.2 %

Shares of Fortinet stock traded down $0.74 during trading hours on Friday, hitting $63.29. The company’s stock had a trading volume of 2,415,688 shares, compared to its average volume of 5,876,568. 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 of $68.64 and a 200 day moving average of $61.52. The company has a market capitalization of $48.29 billion, a PE ratio of 43.74, a price-to-earnings-growth ratio of 2.87 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.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (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 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 prior year, the company earned $0.38 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Scotiabank boosted their price objective on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $65.00 price target on shares of Fortinet in a research report on Wednesday. The Goldman Sachs Group upped their price target on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. BMO Capital Markets upped their price target on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Finally, Mizuho increased their target price on Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.19.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 46,084 shares of the stock in a transaction dated Tuesday, February 13th. The stock was 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value 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. Insiders sold 132,139 shares of company stock worth $8,977,876 over the last ninety days. 17.54% of the stock is currently owned by corporate insiders.

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.