denkapparat Operations GmbH Invests $324,000 in Fortinet, Inc. (NASDAQ:FTNT)

denkapparat Operations GmbH acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,426 shares of the software maker's stock, valued at approximately $324,000.

A number of other hedge funds have also recently made changes to their positions in FTNT. Graney & King LLC purchased a new position in shares of Fortinet during the fourth quarter worth $43,000. Golden State Wealth Management LLC purchased a new position in Fortinet during the 4th quarter valued at about $46,000. Runnymede Capital Advisors Inc. purchased a new stake in Fortinet during the fourth quarter worth about $56,000. LFA Lugano Financial Advisors SA increased its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after purchasing an additional 490 shares during the period. Finally, Private Trust Co. NA lifted its position in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after purchasing an additional 307 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Shares of FTNT traded down $0.24 during mid-day trading on Tuesday, hitting $96.02. The company's stock had a trading volume of 1,381,705 shares, compared to its average volume of 4,962,235. The firm has a 50-day simple moving average of $103.01 and a 200 day simple moving average of $93.53. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $73.83 billion, a P/E ratio of 42.43, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results 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 net margin of 29.30% and a return on equity of 256.53%. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now directly owns 18,612 shares of the company's stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. Scotiabank upped their price objective on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research report on Friday, February 7th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Robert W. Baird reiterated a "neutral" rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Royal Bank of Canada increased their target price on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $105.77.

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.