Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Kesler Norman & Wride LLC

Kesler Norman & Wride LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 326.0% in the fourth quarter, Holdings Channel reports. The fund owned 13,674 shares of the software maker’s stock after purchasing an additional 10,464 shares during the period. Kesler Norman & Wride LLC’s holdings in Fortinet were worth $1,292,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Meeder Advisory Services Inc. lifted its holdings in shares of Fortinet by 2.4% during the fourth quarter. Meeder Advisory Services Inc. now owns 13,369 shares of the software maker’s stock worth $1,263,000 after purchasing an additional 316 shares during the period. Groupama Asset Managment lifted its stake in shares of Fortinet by 40.8% in the 4th quarter. Groupama Asset Managment now owns 26,520 shares of the software maker’s stock worth $2,523,000 after acquiring an additional 7,685 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Fortinet by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after acquiring an additional 387,901 shares in the last quarter. National Wealth Management Group LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $530,000. Finally, HighPoint Advisor Group LLC raised its holdings in Fortinet by 0.6% during the fourth quarter. HighPoint Advisor Group LLC now owns 41,878 shares of the software maker’s stock worth $3,957,000 after purchasing an additional 263 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.4 %

FTNT opened at $96.67 on Wednesday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business has a 50-day moving average of $103.00 and a two-hundred day moving average of $93.68. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $74.34 billion, a price-to-earnings ratio of 42.77, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FTNT. Rosenblatt Securities boosted their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. Wells Fargo & Company upped their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $105.77.

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.