Manchester Capital Management LLC Has $80,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Manchester Capital Management LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 843 shares of the software maker’s stock after buying an additional 100 shares during the period. Manchester Capital Management LLC’s holdings in Fortinet were worth $80,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. SeaCrest Wealth Management LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $329,000. Bleakley Financial Group LLC increased its holdings in shares of Fortinet by 4.8% in the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after purchasing an additional 399 shares in the last quarter. Marshall Financial Group LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $205,000. Claro Advisors LLC acquired a new stake in shares of Fortinet in the third quarter valued at approximately $162,000. Finally, Trust Point Inc. acquired a new stake in shares of Fortinet in the third quarter valued at approximately $220,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 1.5 %

Shares of FTNT opened at $111.64 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37. The firm has a market cap of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The firm’s 50-day simple moving average is $98.60 and its 200 day simple moving average is $86.57. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 463.85%. On average, analysts forecast that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the subject of a number of research reports. Rosenblatt Securities raised their price target on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Bank of America lifted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Stifel Nicolaus lifted their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $103.72.

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.