Advisors Asset Management Inc. Buys 4,800 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Advisors Asset Management Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 24.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,380 shares of the software maker's stock after purchasing an additional 4,800 shares during the quarter. Advisors Asset Management Inc.'s holdings in Fortinet were worth $2,303,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Fortinet in the 4th quarter valued at $46,000. LFA Lugano Financial Advisors SA boosted its holdings in Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA grew its stake in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd acquired a new stake in shares of Fortinet in the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC lifted its position in shares of Fortinet by 30.6% during the 4th 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 period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT traded up $2.30 during trading hours on Tuesday, hitting $102.09. 3,422,575 shares of the company were exchanged, compared to its average volume of 4,804,244. The firm has a fifty day simple moving average of $102.65 and a 200-day simple moving average of $92.89. The company has a market capitalization of $78.50 billion, a PE ratio of 45.17, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

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Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was 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 in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last three months. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Rosenblatt Securities increased their price target on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. StockNews.com raised Fortinet from a "hold" rating to a "buy" rating in a research report on Friday. Robert W. Baird restated a "neutral" rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Finally, Morgan Stanley started coverage on Fortinet in a report on Tuesday, March 18th. They set an "overweight" rating and a $123.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $105.69.

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.