Lion Street Advisors LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Lion Street Advisors LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,435 shares of the software maker's stock after acquiring an additional 4,160 shares during the quarter. Lion Street Advisors LLC's holdings in Fortinet were worth $1,742,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Fifth Third Wealth Advisors LLC lifted its stake 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 valued at $646,000 after buying an additional 107 shares in the last quarter. Versant Capital Management Inc raised its holdings in Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock valued at $104,000 after acquiring an additional 128 shares during the last quarter. Diversified Trust Co raised its holdings in Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock valued at $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC raised its holdings in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after acquiring an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after acquiring an additional 141 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $102.78 on Wednesday. The stock has a market cap of $78.78 billion, a P/E ratio of 51.91, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The company has a fifty day simple moving average of $96.70 and a 200-day simple moving average of $83.92. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $102.87. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the business earned $0.35 EPS. Equities analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on FTNT shares. Piper Sandler upgraded shares of Fortinet from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $100.00 to $120.00 in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a "hold" rating in a report on Tuesday, November 19th. Wells Fargo & Company raised their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 19th. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Finally, Truist Financial restated a "buy" rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $97.73.

Insider Buying and Selling

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.