Oak Thistle LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Oak Thistle LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,849 shares of the software maker's stock, valued at approximately $269,000.

Several other large investors also recently bought and sold shares of the company. Accurate Wealth Management LLC lifted its stake in Fortinet by 62.3% in the 4th quarter. Accurate Wealth Management LLC now owns 19,188 shares of the software maker's stock valued at $1,815,000 after buying an additional 7,368 shares in the last quarter. David J Yvars Group acquired a new position in shares of Fortinet in the fourth quarter worth $222,000. Pallas Capital Advisors LLC lifted its position in shares of Fortinet by 0.8% in the fourth quarter. Pallas Capital Advisors LLC now owns 22,692 shares of the software maker's stock valued at $2,144,000 after acquiring an additional 177 shares in the last quarter. Fulcrum Capital LLC boosted its stake in shares of Fortinet by 0.7% during the fourth quarter. Fulcrum Capital LLC now owns 126,020 shares of the software maker's stock valued at $11,906,000 after acquiring an additional 815 shares during the last quarter. Finally, Wedmont Private Capital increased its position in Fortinet by 7.4% during the 4th quarter. Wedmont Private Capital now owns 5,809 shares of the software maker's stock worth $549,000 after purchasing an additional 402 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FTNT shares. Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research report on Friday, November 22nd. Royal Bank of Canada boosted their price target on Fortinet from $82.00 to $97.00 and gave the company a "sector perform" rating in a report on Tuesday, November 19th. Jefferies Financial Group raised their price objective on Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research note on Friday, November 8th. Finally, Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $95.16.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.18 during mid-day trading on Friday, hitting $94.23. The stock had a trading volume of 4,915,554 shares, compared to its average volume of 3,418,023. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a 50 day simple moving average of $95.68 and a 200-day simple moving average of $80.34. The stock has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00.

About Fortinet

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.