SVB Wealth LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,213 shares of the software maker's stock, valued at approximately $1,437,000.
Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Ashton Thomas Securities LLC bought a new position in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter worth about $46,000. Private Trust Co. NA lifted its holdings 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 acquiring an additional 307 shares in the last quarter. Finally, R Squared Ltd bought a new position in Fortinet during the fourth quarter worth about $65,000. 83.71% of the stock is currently owned by institutional investors.
In related news, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,120 shares of company stock worth $8,991,409. Insiders own 18.00% of the company's stock.
Shares of NASDAQ:FTNT opened at $108.01 on Monday. The business's 50 day simple moving average is $101.31 and its 200 day simple moving average is $89.99. The company has a market capitalization of $83.06 billion, a P/E ratio of 47.79, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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 - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.
FTNT has been the topic of several recent analyst reports. TD Cowen lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. The Goldman Sachs Group lifted their price target on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Bank of America lifted their price target on Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald lifted their price target on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $103.72.
View Our Latest Analysis on Fortinet
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.
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