Truvestments Capital LLC Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

Truvestments Capital LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,310 shares of the software maker’s stock after purchasing an additional 127 shares during the quarter. Truvestments Capital LLC’s holdings in Fortinet were worth $407,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter worth $26,000. Golden State Wealth Management LLC purchased a new position in shares of Fortinet in the fourth quarter valued at about $46,000. Private Trust Co. NA increased its position in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares during the period. R Squared Ltd purchased a new position in shares of Fortinet in the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC increased its position in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FTNT shares. Susquehanna boosted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. 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. Royal Bank of Canada boosted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Scotiabank boosted their price objective on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $103.72.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 622,904 shares of company stock worth $61,338,694. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.4 %

Shares of NASDAQ FTNT opened at $97.93 on Thursday. The firm’s 50 day moving average price is $102.22 and its 200-day moving average price is $91.41. The company has a market cap of $75.31 billion, a PE ratio of 43.33, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. 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 issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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 256.53%. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.