Terra Alpha Investments LLC Invests $2.48 Million in Fortinet, Inc. (NASDAQ:FTNT)

Terra Alpha Investments LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 26,238 shares of the software maker's stock, valued at approximately $2,479,000. Fortinet makes up approximately 2.5% of Terra Alpha Investments LLC's investment portfolio, making the stock its 17th largest holding.

Several other large investors have also made changes to their positions in the company. Manchester Capital Management LLC boosted its position in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after buying an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC increased its holdings in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker's stock worth $407,000 after buying an additional 127 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

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Fortinet Stock Performance

NASDAQ FTNT traded up $0.20 on Friday, hitting $98.65. 5,778,320 shares of the stock traded hands, compared to its average volume of 4,792,158. The firm has a market capitalization of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. The business's fifty day moving average is $102.26 and its two-hundred day moving average is $92.16. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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 return on equity of 256.53% and a net margin of 29.30%. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The shares were 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 owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Robert W. Baird restated a "neutral" rating and set a $112.00 price target (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Finally, KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $105.69.

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.