Lmcg Investments LLC Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Lmcg Investments LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 40,966 shares of the software maker's stock, valued at approximately $3,870,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC raised its position in Fortinet by 1.6% in the fourth 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 during the period. Versant Capital Management Inc lifted its position in Fortinet by 13.1% during the fourth 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 grew its holdings in Fortinet by 0.6% during the fourth 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 during the period. Eagle Capital Management LLC increased its position in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock worth $1,999,000 after buying an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted 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 buying an additional 141 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

FTNT stock traded up $2.97 during midday trading on Tuesday, hitting $97.20. 3,844,726 shares of the stock traded hands, compared to its average volume of 4,183,168. The stock's fifty day simple moving average is $95.58 and its 200-day simple moving average is $81.10. 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, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The firm has a market cap of $74.50 billion, a P/E ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the firm posted $0.35 earnings per share. On average, analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FTNT shares. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research note on Tuesday, November 19th. Raymond James restated a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. 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. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Friday, October 25th. Finally, Royal Bank of Canada increased their price objective on Fortinet from $82.00 to $97.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $96.33.

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the company's stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of Fortinet 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 completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is 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.