Thrive Wealth Management LLC Sells 2,500 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Thrive Wealth Management LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,448 shares of the software maker’s stock after selling 2,500 shares during the quarter. Thrive Wealth Management LLC’s holdings in Fortinet were worth $810,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Peapack Gladstone Financial Corp purchased a new stake in Fortinet during the 4th quarter valued at about $200,000. Belpointe Asset Management LLC increased its position in shares of Fortinet by 52.4% during the fourth quarter. Belpointe Asset Management LLC now owns 11,659 shares of the software maker’s stock valued at $682,000 after acquiring an additional 4,009 shares in the last quarter. Lake Street Advisors Group LLC purchased a new position in Fortinet in the 4th quarter worth approximately $263,000. Tower Research Capital LLC TRC raised its holdings in Fortinet by 76.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 115,667 shares of the software maker’s stock worth $6,770,000 after acquiring an additional 50,139 shares during the last quarter. Finally, Morningstar Investment Services LLC lifted its position in Fortinet by 105.5% in the 4th quarter. Morningstar Investment Services LLC now owns 7,770 shares of the software maker’s stock valued at $462,000 after acquiring an additional 3,989 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $1.03 during trading on Friday, hitting $78.01. 3,144,100 shares of the company’s stock were exchanged, compared to its average volume of 5,615,151. The business’s 50-day simple moving average is $72.27 and its 200 day simple moving average is $65.68. The company has a market cap of $59.59 billion, a price-to-earnings ratio of 50.41, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.50. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the firm posted $0.31 EPS. The company’s revenue was up 10.9% on a year-over-year basis. As a group, equities analysts predict that Fortinet, Inc. will post 1.72 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent analyst reports. Cantor Fitzgerald boosted their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. UBS Group upped their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lifted their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $71.57.

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.