Mattson Financial Services LLC Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Mattson Financial Services LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 68.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,136 shares of the software maker's stock after selling 4,724 shares during the quarter. Mattson Financial Services LLC's holdings in Fortinet were worth $202,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC bought a new position in Fortinet during the 4th quarter worth $43,000. Banque Transatlantique SA bought a new position in Fortinet during the 4th quarter worth $43,000. Finally, Golden State Wealth Management LLC bought a new position in Fortinet during the 4th quarter worth $46,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 326,784 shares of the firm's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 697,818 shares of company stock worth $69,539,128. Corporate insiders own 17.20% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FTNT. Piper Sandler reissued an "overweight" rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities lifted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. KeyCorp lowered their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. BMO Capital Markets decreased their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $104.80.

Fortinet Stock Performance

Fortinet stock traded down $0.02 during trading on Friday, hitting $102.02. The stock had a trading volume of 17,092,383 shares, compared to its average volume of 5,019,646. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock's 50 day moving average is $99.68 and its two-hundred day moving average is $99.47. The stock has a market cap of $78.09 billion, a price-to-earnings ratio of 45.14, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 earnings per share. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.