Freedom Day Solutions LLC Buys 935 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Freedom Day Solutions LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,645 shares of the software maker’s stock after purchasing an additional 935 shares during the quarter. Freedom Day Solutions LLC’s holdings in Fortinet were worth $2,517,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FTNT. Allspring Global Investments Holdings LLC lifted its holdings in shares of Fortinet by 29.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after purchasing an additional 34,727 shares in the last quarter. Raleigh Capital Management Inc. lifted its holdings in shares of Fortinet by 413.5% in the third quarter. Raleigh Capital Management Inc. now owns 950 shares of the software maker’s stock valued at $74,000 after purchasing an additional 765 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Fortinet by 8.2% in the third quarter. Sequoia Financial Advisors LLC now owns 12,055 shares of the software maker’s stock valued at $935,000 after purchasing an additional 917 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Fortinet by 3.1% in the third quarter. Signaturefd LLC now owns 15,672 shares of the software maker’s stock valued at $1,215,000 after purchasing an additional 476 shares in the last quarter. Finally, Eastern Bank bought a new position in shares of Fortinet in the third quarter valued at approximately $25,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction 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 $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was 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 directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,610 shares of company stock valued at $6,083,029. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $114.57 on Thursday. The firm has a market capitalization of $87.81 billion, a price-to-earnings ratio of 50.69, a P/E/G ratio of 4.09 and a beta of 1.01. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a fifty day moving average of $99.56 and a 200 day moving average of $87.75. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTNT. Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Barclays increased their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, Jefferies Financial Group raised their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

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.