Leelyn Smith LLC Has $1.48 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Leelyn Smith LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,655 shares of the software maker’s stock after selling 112 shares during the quarter. Leelyn Smith LLC’s holdings in Fortinet were worth $1,479,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the 4th quarter valued at $46,000. LFA Lugano Financial Advisors SA boosted its stake in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA raised its stake in shares of Fortinet by 95.0% in the 4th 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 in the last quarter. R Squared Ltd acquired a new stake in Fortinet in the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC boosted its position in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $96.67 on Tuesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a 50 day moving average of $102.15 and a 200-day moving average of $91.93. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market cap of $74.34 billion, a price-to-earnings ratio of 42.77, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Bank of America upped their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Finally, Truist Financial restated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insiders Place Their Bets

In related news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated 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 approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

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.