NEOS Investment Management LLC Buys 17,578 Shares of Fortinet, Inc. (NASDAQ:FTNT)

NEOS Investment Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 24.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,741 shares of the software maker's stock after acquiring an additional 17,578 shares during the period. NEOS Investment Management LLC's holdings in Fortinet were worth $8,479,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Manchester Capital Management LLC boosted its stake in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC lifted its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after buying an additional 107 shares in the last quarter. Fielder Capital Group LLC lifted its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after acquiring an additional 114 shares in the last quarter. Finally, Truvestments Capital LLC grew its stake in Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker's stock valued at $407,000 after purchasing an additional 127 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction 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 transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company's stock.

Fortinet Stock Down 3.0 %

FTNT stock traded down $2.94 during mid-day trading on Friday, hitting $96.60. The stock had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a fifty day moving average of $102.97 and a 200 day moving average of $93.26. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $74.28 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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%. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their target price on Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Robert W. Baird restated a "neutral" rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Royal Bank of Canada increased their target price on Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research report on Friday, February 7th. Rosenblatt Securities upped their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $105.69.

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.