Lebenthal Global Advisors LLC Makes New $215,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Lebenthal Global Advisors LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,275 shares of the software maker’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. First Hawaiian Bank acquired a new position in Fortinet in the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI grew its stake in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Forsta AP Fonden raised its position in Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Fortinet in the third quarter valued at approximately $10,343,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Fortinet Stock Up 3.2 %

NASDAQ FTNT opened at $99.83 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The company has a market capitalization of $76.51 billion, a price-to-earnings ratio of 50.42, a PEG ratio of 2.58 and a beta of 1.00. The stock’s 50 day moving average is $95.98 and its two-hundred day moving average is $82.45. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) 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 business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. Equities analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, January 24th. Rosenblatt Securities increased their price objective on Fortinet from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Finally, Wedbush increased their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.83.

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.