Commonwealth Equity Services LLC Has $19.16 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Commonwealth Equity Services LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 53.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 202,825 shares of the software maker's stock after buying an additional 70,413 shares during the period. Commonwealth Equity Services LLC's holdings in Fortinet were worth $19,163,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FTNT. Golden State Wealth Management LLC bought a new stake in Fortinet in the fourth quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA increased its stake in Fortinet by 445.5% in the fourth 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 increased its stake in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock valued at $60,000 after purchasing an additional 307 shares in the last quarter. R Squared Ltd bought a new stake in shares of Fortinet during the fourth quarter worth $65,000. Finally, Venturi Wealth Management LLC increased its position in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after acquiring an additional 163 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.28 during midday trading on Thursday, reaching $98.45. 4,230,326 shares of the company were exchanged, compared to its average volume of 4,786,714. The stock's 50-day moving average price is $102.21 and its 200-day moving average price is $92.12. The stock has a market cap of $75.71 billion, a P/E ratio of 43.56, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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Fortinet (NASDAQ:FTNT - Get Free Report) last posted its 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 net margin of 29.30% and a return on equity of 256.53%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on FTNT shares. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Robert W. Baird reaffirmed a "neutral" rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Cantor Fitzgerald upped their price objective on shares of Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. Citigroup raised their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Finally, KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet has an average rating of "Hold" and an average target price of $105.69.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 1,000 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $99.32, for a total value of $99,320.00. Following the sale, the director now owns 20,612 shares of the company's stock, valued at $2,047,183.84. The trade was a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction that occurred on 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 purchase, the director now owns 300,006 shares of the company's stock, valued at $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 have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last 90 days. 18.00% of the stock is owned by insiders.

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.