Atria Wealth Solutions Inc. Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Atria Wealth Solutions Inc. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 41.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 62,682 shares of the software maker's stock after selling 44,366 shares during the period. Atria Wealth Solutions Inc.'s holdings in Fortinet were worth $3,669,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Atwood & Palmer Inc. bought a new position in shares of Fortinet during the fourth quarter worth $29,000. Headinvest LLC bought a new position in shares of Fortinet during the third quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet during the third quarter worth $37,000. Rakuten Securities Inc. bought a new position in shares of Fortinet during the fourth quarter worth $43,000. Finally, CVA Family Office LLC bought a new stake in Fortinet in the 4th quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was 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 in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock worth $8,977,876 in the last quarter. Corporate insiders own 17.54% of the company's stock.

Fortinet Stock Performance

FTNT traded up $0.15 on Friday, reaching $64.18. The company had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a market cap of $48.97 billion, a P/E ratio of 44.26, a P/E/G ratio of 2.85 and a beta of 1.08. The company's fifty day moving average is $67.96 and its 200 day moving average is $61.78. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS 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 business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the business earned $0.38 EPS. Fortinet's quarterly revenue was up 10.3% on a year-over-year basis. As a group, analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FTNT. Scotiabank boosted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a "sector outperform" rating in a research report on Wednesday, February 7th. HSBC cut shares of Fortinet from a "hold" rating to a "reduce" rating and set a $57.00 price objective on the stock. in a research report on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $65.00 price objective on shares of Fortinet in a research report on Wednesday, April 17th. Royal Bank of Canada boosted their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 7th. Finally, Wedbush boosted their price objective on shares of Fortinet from $75.00 to $86.00 and gave the company an "outperform" rating in a research report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $72.19.

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.