Asset Advisors Investment Management LLC Takes $651,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Asset Advisors Investment Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 6,895 shares of the software maker’s stock, valued at approximately $651,000.

Other large investors have also bought and sold shares of the company. Mainstay Capital Management LLC ADV boosted its holdings in Fortinet by 2.4% during the fourth quarter. Mainstay Capital Management LLC ADV now owns 8,216 shares of the software maker’s stock worth $776,000 after buying an additional 195 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Fortinet in the fourth quarter worth $2,449,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Fortinet by 7.0% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 137,180 shares of the software maker’s stock worth $12,961,000 after purchasing an additional 9,000 shares in the last quarter. MONECO Advisors LLC grew its holdings in shares of Fortinet by 9.8% in the 4th quarter. MONECO Advisors LLC now owns 5,728 shares of the software maker’s stock valued at $541,000 after buying an additional 510 shares during the period. Finally, Forvis Mazars Wealth Advisors LLC acquired a new stake in Fortinet during the 4th quarter worth $212,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents 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 sold 87,110 shares of company stock worth $8,751,689. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

NASDAQ:FTNT opened at $110.02 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The stock’s 50 day moving average price is $100.12 and its two-hundred day moving average price is $88.67. The firm has a market capitalization of $84.32 billion, a price-to-earnings ratio of 48.68, a P/E/G ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results 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, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research analyst reports. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. The Goldman Sachs Group lifted their price target 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. Royal Bank of Canada increased their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

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.