Lester Murray Antman dba SimplyRich Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Lester Murray Antman dba SimplyRich bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,390 shares of the software maker's stock, valued at approximately $320,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC boosted its position 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 valued at $646,000 after purchasing an additional 107 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of 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 in the last quarter. Diversified Trust Co boosted its position in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock valued at $2,254,000 after purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC boosted its position in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after purchasing an additional 141 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $1.66 on Friday, reaching $111.64. 4,974,960 shares of the company were exchanged, compared to its average volume of 4,073,400. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $112.37. The stock's fifty day moving average price is $98.60 and its 200 day moving average price is $86.37. The firm has a market capitalization of $85.57 billion, a PE ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

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, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, research analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FTNT shares. Jefferies Financial Group raised their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. Mizuho raised their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a report on Friday, December 13th. Piper Sandler reissued 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. Cantor Fitzgerald lifted their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 4th. Finally, Citigroup lifted their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $103.72.

Fortinet 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.