Cumberland Partners Ltd Acquires 3,500 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Cumberland Partners Ltd increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,000 shares of the software maker's stock after purchasing an additional 3,500 shares during the quarter. Cumberland Partners Ltd's holdings in Fortinet were worth $2,834,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FTNT. Ieq Capital LLC raised its holdings in shares of Fortinet by 188.1% during the fourth quarter. Ieq Capital LLC now owns 241,268 shares of the software maker's stock worth $22,795,000 after acquiring an additional 157,516 shares during the period. Freedom Day Solutions LLC raised its stake in shares of Fortinet by 3.6% in the 4th quarter. Freedom Day Solutions LLC now owns 26,645 shares of the software maker's stock valued at $2,517,000 after purchasing an additional 935 shares during the period. Fagan Associates Inc. lifted its holdings in shares of Fortinet by 3.2% in the fourth quarter. Fagan Associates Inc. now owns 58,565 shares of the software maker's stock valued at $5,533,000 after purchasing an additional 1,798 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of Fortinet by 35.7% during the fourth quarter. Global Retirement Partners LLC now owns 3,807 shares of the software maker's stock worth $360,000 after buying an additional 1,002 shares during the period. Finally, DSM Capital Partners LLC boosted its position in shares of Fortinet by 27.4% during the fourth quarter. DSM Capital Partners LLC now owns 2,431,164 shares of the software maker's stock worth $229,696,000 after buying an additional 523,425 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the company. HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and boosted their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. TD Cowen increased their price target on Fortinet from $90.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Friday, October 25th. Finally, Piper Sandler reissued an "overweight" rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 87,110 shares of company stock valued at $8,751,689 in the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

NASDAQ:FTNT traded down $3.89 during trading hours on Friday, reaching $110.33. 3,260,249 shares of the company were exchanged, compared to its average volume of 4,610,981. The business has a 50 day moving average of $99.88 and a 200 day moving average of $87.93. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market capitalization of $84.56 billion, a P/E ratio of 48.85, a P/E/G ratio of 4.20 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Research 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.