Cornerstone Enterprises LLC Invests $463,000 in Fortinet, Inc. (NASDAQ:FTNT)

Cornerstone Enterprises LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,903 shares of the software maker's stock, valued at approximately $463,000. Fortinet accounts for approximately 0.3% of Cornerstone Enterprises LLC's investment portfolio, making the stock its 22nd biggest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the 4th quarter valued at about $27,000. Oarsman Capital Inc. boosted its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet during the 4th quarter worth $43,000. Golden State Wealth Management LLC purchased a new position in shares of Fortinet in the 4th quarter worth about $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the 4th quarter worth about $56,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the transaction, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents 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 576,944 shares of company stock worth $56,944,064 in the last ninety days. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on FTNT. Raymond James reissued a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. Robert W. Baird reissued a "neutral" rating and issued a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Rosenblatt Securities upped their target price on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price for the company. Finally, Piper Sandler reissued an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $105.17.

Fortinet Stock Performance

FTNT stock traded up $0.26 during midday trading on Thursday, reaching $96.33. The company had a trading volume of 1,421,232 shares, compared to its average volume of 5,063,726. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average price of $101.22 and a 200 day moving average price of $94.90. The firm has a market capitalization of $74.07 billion, a PE ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.