Convergence Investment Partners LLC Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Convergence Investment Partners LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,371 shares of the software maker's stock, valued at approximately $2,208,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eastern Bank bought a new stake in shares of Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after acquiring an additional 173 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $46,000. Finally, R Squared Ltd purchased a new position in shares of Fortinet in the fourth quarter valued at about $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. Truist Financial reaffirmed a "buy" rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus price target of $103.72.

Fortinet Price Performance

NASDAQ FTNT traded down $4.19 on Friday, hitting $110.02. 5,170,462 shares of the company were exchanged, compared to its average volume of 4,673,895. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 has a 50 day moving average of $99.88 and a two-hundred day moving average of $87.93. The company has a market cap of $84.33 billion, a P/E ratio of 48.68, a P/E/G ratio of 4.20 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now 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 disclosure for this purchase can be found here. Insiders sold a total of 87,110 shares of company stock valued at $8,751,689 in the last quarter. 18.00% of the stock is currently owned by 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.