Lester Murray Antman dba SimplyRich Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Lester Murray Antman dba SimplyRich bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 3,390 shares of the software maker’s stock, valued at approximately $320,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Exchange Traded Concepts LLC grew its holdings in shares of Fortinet by 373.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock valued at $1,463,000 after acquiring an additional 14,877 shares in the last quarter. Paladin Wealth LLC acquired a new position in Fortinet during the third quarter valued at approximately $46,000. Novare Capital Management LLC bought a new position in Fortinet in the third quarter valued at approximately $202,000. Occidental Asset Management LLC acquired a new position in shares of Fortinet during the 3rd quarter worth approximately $222,000. Finally, Zhang Financial LLC raised its stake in shares of Fortinet by 5.3% during the 3rd quarter. Zhang Financial LLC now owns 8,878 shares of the software maker’s stock worth $688,000 after purchasing an additional 447 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. BMO Capital Markets boosted their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Barclays upped their price objective on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $102.77.

Fortinet Stock Performance

NASDAQ:FTNT opened at $108.33 on Wednesday. The company has a market cap of $83.03 billion, a price-to-earnings ratio of 47.93, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $110.99. 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 stock has a fifty day moving average price of $97.93 and a 200-day moving average price of $85.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock worth $6,469,056. Corporate insiders own 18.00% of the company’s stock.

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.