Cassaday & Co Wealth Management LLC Buys 3,978 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cassaday & Co Wealth Management LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 119.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 7,300 shares of the software maker's stock after purchasing an additional 3,978 shares during the period. Cassaday & Co Wealth Management LLC's holdings in Fortinet were worth $690,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC boosted its holdings in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after buying an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its stake 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 valued at $646,000 after acquiring an additional 107 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after acquiring an additional 114 shares during the period. Versant Capital Management Inc grew 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 acquiring an additional 128 shares during the period. Finally, Diversified Trust Co increased its stake 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 worth $2,254,000 after purchasing an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 17,650 shares of the firm's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 87,110 shares of company stock valued at $8,751,689 in the last ninety days. Company insiders own 18.00% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on FTNT. Stifel Nicolaus increased their price objective on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a report on Friday, February 7th. KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Wedbush lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $103.72.

Fortinet Trading Down 3.7 %

Shares of FTNT stock traded down $4.19 on Friday, hitting $110.02. 5,170,462 shares of the company's stock traded hands, compared to its average volume of 4,673,895. The stock has a market capitalization of $84.33 billion, a price-to-earnings ratio of 48.68, a P/E/G ratio of 4.20 and a beta of 1.01. The company's fifty day simple moving average is $100.12 and its 200 day simple moving average is $88.31. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

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.