Parallel Advisors LLC Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Parallel Advisors LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 7,738 shares of the software maker’s stock after buying an additional 204 shares during the period. Parallel Advisors LLC’s holdings in Fortinet were worth $731,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in Fortinet in the 4th quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA increased its stake in Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA increased its position in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares in the last quarter. R Squared Ltd purchased a new position in Fortinet during the fourth quarter worth $65,000. Finally, Venturi Wealth Management LLC increased 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 buying an additional 163 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.3 %

Shares of FTNT opened at $98.45 on Friday. The stock’s 50-day moving average is $102.26 and its two-hundred day moving average is $92.16. The stock has a market cap of $75.71 billion, a PE ratio of 43.56, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FTNT shares. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Citigroup raised their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Stifel Nicolaus raised their price target on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group lifted their price objective on 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $105.69.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $2,150,466.08. Following the sale, the chief executive officer now directly 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 ninety days, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by insiders.

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.