one8zero8 LLC Invests $22.03 Million in Fortinet, Inc. (NASDAQ:FTNT)

one8zero8 LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 233,115 shares of the software maker's stock, valued at approximately $22,025,000. Fortinet accounts for about 4.7% of one8zero8 LLC's investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new position in Fortinet during the fourth quarter worth about $46,000. LFA Lugano Financial Advisors SA boosted its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after buying an additional 490 shares during the period. Private Trust Co. NA boosted its stake in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after buying an additional 307 shares during the period. R Squared Ltd purchased a new position in Fortinet during the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC boosted its stake in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after buying an additional 163 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 0.3 %

FTNT traded up $0.28 during midday trading on Thursday, hitting $98.45. The company's stock had a trading volume of 4,248,852 shares, compared to its average volume of 4,786,717. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market cap of $75.71 billion, a P/E ratio of 43.56, a PEG ratio of 4.19 and a beta of 0.97. The firm has a 50-day moving average price of $102.21 and a two-hundred day moving average price of $92.12. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

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Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Citigroup increased their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. The Goldman Sachs Group increased their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Mizuho raised their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a report on Friday, December 13th. Finally, Wells Fargo & Company raised their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $105.69.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 328 shares of the business's stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by company insiders.

Fortinet 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.