Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Mutual Advisors LLC

Mutual Advisors LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 20.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,498 shares of the software maker’s stock after purchasing an additional 768 shares during the quarter. Mutual Advisors LLC’s holdings in Fortinet were worth $423,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Public Sector Pension Investment Board boosted its holdings in shares of Fortinet by 82.1% in the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after acquiring an additional 10,125 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Fortinet during the 2nd quarter valued at $1,314,000. Algert Global LLC acquired a new position in shares of Fortinet during the 2nd quarter valued at $502,000. Creative Planning raised its stake in shares of Fortinet by 6.8% in the 2nd quarter. Creative Planning now owns 163,367 shares of the software maker’s stock worth $9,846,000 after buying an additional 10,365 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its holdings in shares of Fortinet by 4.1% in the second quarter. Sunbelt Securities Inc. now owns 18,774 shares of the software maker’s stock valued at $1,132,000 after buying an additional 744 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $96.77 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $74.17 billion, a PE ratio of 48.87, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The stock has a 50-day moving average of $95.80 and a 200-day moving average of $82.16. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the company posted $0.35 earnings per share. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on FTNT. Truist Financial reiterated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Stifel Nicolaus raised their target price on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $96.83.

Read Our Latest Analysis on FTNT

About Fortinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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