7,700 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Saturna Capital Corp

Saturna Capital Corp purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,700 shares of the software maker's stock, valued at approximately $727,000.

Other institutional investors also recently bought and sold shares of the company. Assetmark Inc. lifted its position in Fortinet by 3.8% during the third quarter. Assetmark Inc. now owns 12,232 shares of the software maker's stock valued at $949,000 after purchasing an additional 448 shares during the period. Sigma Planning Corp lifted its holdings in shares of Fortinet by 19.4% in the 3rd quarter. Sigma Planning Corp now owns 8,034 shares of the software maker's stock valued at $623,000 after buying an additional 1,306 shares during the period. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter worth about $26,000. Catalytic Wealth RIA LLC purchased a new stake in shares of Fortinet in the third quarter worth about $202,000. Finally, Versor Investments LP raised its position in Fortinet by 157.9% during the third quarter. Versor Investments LP now owns 13,106 shares of the software maker's stock valued at $1,016,000 after acquiring an additional 8,024 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ FTNT opened at $98.28 on Wednesday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm has a market capitalization of $75.57 billion, a P/E ratio of 43.49, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The stock's fifty day moving average is $102.15 and its two-hundred day moving average is $91.36. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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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 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.

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. Wedbush upped their price objective on Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. Morgan Stanley increased their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research report on Tuesday, November 19th. Finally, BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $103.72.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 328 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 620,904 shares of company stock worth $61,138,694 in the last 90 days. Insiders own 18.00% of the company's stock.

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.

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