Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Ieq Capital LLC

Ieq Capital LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 188.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 241,268 shares of the software maker's stock after buying an additional 157,516 shares during the period. Ieq Capital LLC's holdings in Fortinet were worth $22,795,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in FTNT. Manchester Capital Management LLC raised its holdings in 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 acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock worth $104,000 after purchasing an additional 128 shares in the last quarter. Finally, Diversified Trust Co increased its holdings in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock valued at $2,254,000 after buying an additional 135 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 3.4 %

Shares of FTNT stock traded down $3.93 during trading hours on Friday, hitting $110.28. 3,260,249 shares of the company were exchanged, compared to its average volume of 4,610,981. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a fifty day moving average of $99.88 and a 200 day moving average of $87.93. The firm has a market cap of $84.53 billion, a PE ratio of 48.85, a PEG ratio of 4.20 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Morgan Stanley upped their price objective on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. Truist Financial reissued a "buy" rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Robert W. Baird reaffirmed a "neutral" rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Mizuho boosted their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. Finally, Stifel Nicolaus raised their price objective on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $103.72.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, 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 position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,110 shares of company stock valued at $8,751,689 in the last three months. Corporate insiders own 18.00% of the company's stock.

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.