2,800 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Avantax Planning Partners Inc.

Avantax Planning Partners Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,800 shares of the software maker's stock, valued at approximately $265,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter worth about $26,000. Golden State Wealth Management LLC purchased a new position in Fortinet in the fourth quarter valued at about $46,000. Private Trust Co. NA boosted its stake in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after acquiring an additional 307 shares during the last quarter. R Squared Ltd purchased a new position in Fortinet in the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC boosted its stake in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock valued at $66,000 after acquiring an additional 163 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Michael Xie sold 326,784 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the business's stock in a transaction 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 transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 622,904 shares of company stock worth $61,338,694 over the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $97.93 on Thursday. The firm has a 50 day moving average of $102.22 and a 200 day moving average of $91.41. 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 market capitalization of $75.31 billion, a price-to-earnings ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

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Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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 anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. Cantor Fitzgerald boosted their target price on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Stifel Nicolaus boosted their target price on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research report on Tuesday, November 19th. Finally, Truist Financial reissued a "buy" rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus price target of $103.72.

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.

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