Myriad Asset Management US LP Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Myriad Asset Management US LP bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,671 shares of the software maker's stock, valued at approximately $1,103,000.

A number of other institutional investors also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC raised its stake in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock worth $646,000 after purchasing an additional 107 shares during the period. Versant Capital Management Inc raised its stake in 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 during the period. Diversified Trust Co raised its stake in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker's stock worth $2,254,000 after purchasing an additional 135 shares during the period. Eagle Capital Management LLC raised its stake in shares of 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 period. Finally, OneDigital Investment Advisors LLC raised its stake in shares of 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 period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FTNT shares. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. Barclays boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an "equal weight" rating in a research note on Friday, November 8th. Royal Bank of Canada boosted their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a research note on Friday, February 7th. KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. Finally, Jefferies Financial Group boosted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average price target of $103.72.

Fortinet Stock Up 2.3 %

Shares of Fortinet stock traded up $2.62 during trading hours on Tuesday, hitting $114.26. The company had a trading volume of 6,665,290 shares, compared to its average volume of 4,578,501. The company's 50-day moving average is $99.23 and its two-hundred day moving average is $87.56. 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 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market cap of $87.57 billion, a P/E ratio of 50.56, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly 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 net margin of 29.30% and a return on equity of 463.85%. Analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company's 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 sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 63,610 shares of company stock worth $6,083,029 in the last 90 days. 18.00% of the stock is owned by 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.