Independent Advisor Alliance Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

Independent Advisor Alliance grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 69.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,947 shares of the software maker's stock after purchasing an additional 13,467 shares during the period. Independent Advisor Alliance's holdings in Fortinet were worth $3,113,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Daiwa Securities Group Inc. raised its stake in Fortinet by 17.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 167,708 shares of the software maker's stock worth $15,845,000 after acquiring an additional 24,652 shares during the last quarter. FWG Holdings LLC purchased a new position in Fortinet in the 4th quarter worth $228,000. AlphaQuest LLC raised its stake in Fortinet by 180.8% in the 4th quarter. AlphaQuest LLC now owns 9,495 shares of the software maker's stock worth $897,000 after acquiring an additional 6,114 shares during the last quarter. Personal CFO Solutions LLC purchased a new position in Fortinet in the 4th quarter worth $274,000. Finally, Amundi raised its stake in Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker's stock worth $631,700,000 after acquiring an additional 1,766,860 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FTNT shares. Mizuho raised their target price on Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Morgan Stanley raised their target price on Fortinet from $105.00 to $106.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 19th. Scotiabank lifted their price objective on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research note on Friday, February 7th. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Finally, StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $103.72.

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Fortinet Trading Down 0.4 %

FTNT opened at $97.93 on Thursday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company's 50 day simple moving average is $102.22 and its two-hundred day simple moving average is $91.41. 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 $75.31 billion, a price-to-earnings ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock valued at $61,338,694 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

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.

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