Fortinet, Inc. (NASDAQ:FTNT) Stake Raised by 1834 Investment Advisors Co.

1834 Investment Advisors Co. raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 81.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,509 shares of the software maker's stock after acquiring an additional 2,930 shares during the period. 1834 Investment Advisors Co.'s holdings in Fortinet were worth $615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank increased its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker's stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet during the third quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Down 0.6 %

Fortinet stock traded down $0.55 during midday trading on Friday, hitting $96.90. 4,139,641 shares of the stock were exchanged, compared to its average volume of 3,124,799. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a 50 day moving average price of $95.70 and a two-hundred day moving average price of $81.90. The firm has a market cap of $74.27 billion, a P/E ratio of 48.94, a P/E/G ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the company posted $0.35 EPS. On average, sell-side analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Keith Jensen sold 17,650 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Mizuho boosted their target price on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Robert W. Baird boosted their target price on shares of Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 19th. Wells Fargo & Company increased their price target on shares of Fortinet from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Tuesday, November 19th. Finally, KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $96.83.

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.