Crumly & Associates Inc. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Crumly & Associates Inc. acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,706 shares of the software maker's stock, valued at approximately $256,000.

Other institutional investors and hedge funds have also added to or reduced their stakes 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 in the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after buying an additional 107 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its position in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after acquiring an additional 114 shares in the last quarter. Versant Capital Management Inc boosted its stake in Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock valued at $104,000 after purchasing an additional 128 shares during the last quarter. Finally, Diversified Trust Co increased its holdings in shares of Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after purchasing an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,110 shares of company stock worth $8,751,689. Insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FTNT shares. Robert W. Baird reiterated a "neutral" rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Barclays boosted their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Morgan Stanley raised their price objective on shares of Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Finally, Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus price target of $103.72.

Fortinet Trading Down 3.7 %

Shares of NASDAQ:FTNT traded down $4.19 during trading on Friday, reaching $110.02. The company's stock had a trading volume of 5,170,462 shares, compared to its average volume of 4,673,895. The stock has a market capitalization of $84.33 billion, a PE ratio of 48.68, a price-to-earnings-growth ratio of 4.20 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm's 50 day simple moving average is $100.12 and its two-hundred day simple moving average is $88.31. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

About 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.