Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by IFP Advisors Inc

IFP Advisors Inc grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 59,832 shares of the software maker’s stock after purchasing an additional 11,625 shares during the quarter. IFP Advisors Inc’s holdings in Fortinet were worth $5,653,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new position in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the 4th quarter valued at about $46,000. Finally, R Squared Ltd acquired a new position in shares of Fortinet in the 4th quarter valued at about $65,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Bank of America lifted 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. Finally, TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Stock Down 3.7 %

FTNT stock opened at $110.02 on Monday. 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’s 50-day moving average is $100.12 and its two-hundred day moving average is $88.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a market capitalization of $84.32 billion, a price-to-earnings ratio of 48.68, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 net margin of 29.30% and a return on equity of 256.53%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet 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 completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,110 shares of company stock worth $8,751,689 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

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.