Farther Finance Advisors LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Farther Finance Advisors LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 148.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,004 shares of the software maker's stock after purchasing an additional 10,150 shares during the period. Farther Finance Advisors LLC's holdings in Fortinet were worth $1,607,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FTNT. EverSource Wealth Advisors LLC grew its position in Fortinet by 243.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,480 shares of the software maker's stock worth $234,000 after buying an additional 1,757 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Fortinet by 30.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,714 shares of the software maker's stock worth $1,485,000 after purchasing an additional 3,659 shares during the period. Saturna Capital Corp acquired a new position in Fortinet in the fourth quarter valued at about $727,000. Prosperity Wealth Management Inc. bought a new stake in Fortinet during the fourth quarter worth about $400,000. Finally, Avantax Planning Partners Inc. bought a new position in Fortinet in the 4th quarter valued at about $265,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 3.0 %

Shares of FTNT stock traded up $2.83 during mid-day trading on Friday, hitting $96.25. The company's stock had a trading volume of 3,972,844 shares, compared to its average volume of 4,811,761. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company's fifty day simple moving average is $102.17 and its 200-day simple moving average is $91.57. The company has a market cap of $74.01 billion, a PE ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97.

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Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 622,904 shares of company stock valued at $61,338,694 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald raised their target price on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. KeyCorp raised Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a report on Thursday, December 19th. BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the company a "market perform" rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company boosted their target price on Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $103.72.

Fortinet Company 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.