Jump Financial LLC Purchases 84,159 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Jump Financial LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 98.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 169,967 shares of the software maker's stock after acquiring an additional 84,159 shares during the quarter. Jump Financial LLC's holdings in Fortinet were worth $16,058,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in FTNT. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet during the fourth quarter valued at $27,000. Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after buying an additional 272 shares during the period. Graney & King LLC acquired a new stake in Fortinet in the 4th quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new position in Fortinet during the 4th quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at $56,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on FTNT shares. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Piper Sandler reaffirmed an "overweight" rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Jefferies Financial Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $105.17.

Fortinet Price Performance

FTNT traded up $0.06 during midday trading on Friday, hitting $96.13. The company had a trading volume of 2,979,093 shares, compared to its average volume of 5,076,736. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month 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 firm's 50-day simple moving average is $100.70 and its 200-day simple moving average is $95.16. The company has a market capitalization of $73.92 billion, a PE ratio of 42.54, a P/E/G ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 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%. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred 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 directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares of the company's stock, valued at $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 576,944 shares of company stock worth $56,944,064. Company 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.