Crossmark Global Holdings Inc. Acquires 123,790 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Crossmark Global Holdings Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 344.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 159,737 shares of the software maker's stock after acquiring an additional 123,790 shares during the period. Crossmark Global Holdings Inc.'s holdings in Fortinet were worth $15,092,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Eagle Capital Management LLC raised its stake in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock worth $1,545,000 after purchasing an additional 544 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Fortinet by 190.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker's stock valued at $87,000 after buying an additional 952 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Fortinet by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker's stock valued at $9,973,000 after acquiring an additional 10,145 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Fortinet by 36.0% during the 2nd quarter. Pacer Advisors Inc. now owns 172,510 shares of the software maker's stock worth $10,397,000 after acquiring an additional 45,678 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its holdings in Fortinet by 30.4% during the 2nd quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker's stock worth $329,000 after acquiring an additional 1,274 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FTNT shares. TD Cowen raised their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. Stifel Nicolaus lifted their target price on shares of Fortinet from $90.00 to $103.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a "buy" rating in a report on Tuesday, November 19th. The Goldman Sachs Group lifted their price target on Fortinet from $100.00 to $114.00 and gave the stock a "buy" rating in a report on Thursday, January 2nd. Finally, Robert W. Baird boosted their price objective on Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet currently has an average rating of "Hold" and an average target price of $96.33.

Fortinet Price Performance

NASDAQ:FTNT traded up $2.97 during mid-day trading on Tuesday, hitting $97.20. 3,844,726 shares of the stock traded hands, compared to its average volume of 4,183,168. The business's 50-day moving average price is $95.58 and its 200 day moving average price is $81.10. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $74.50 billion, a PE ratio of 49.09, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business earned $0.35 EPS. On average, analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company's stock, 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 67,860 shares of company stock worth $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by insiders.

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.