Poinciana Advisors Group LLC Makes New $436,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Poinciana Advisors Group LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 4,616 shares of the software maker's stock, valued at approximately $436,000.

A number of other hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the third quarter worth $26,000. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter worth $46,000. LFA Lugano Financial Advisors SA boosted its holdings in Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker's stock worth $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA boosted its holdings in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker's stock worth $60,000 after purchasing an additional 307 shares during the period. Finally, R Squared Ltd acquired a new position in Fortinet in the fourth quarter worth $65,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT traded up $1.26 on Wednesday, reaching $98.17. 4,319,668 shares of the stock traded hands, compared to its average volume of 4,782,170. The firm has a market cap of $75.49 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock's 50-day moving average price is $102.17 and its 200-day moving average price is $92.08.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Robert W. Baird reaffirmed a "neutral" rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Raymond James reaffirmed a "market perform" rating on shares of Fortinet in a report on Tuesday, January 14th. TD Cowen lifted their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Jefferies Financial Group upped their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a research report on Thursday, December 19th. Finally, Baird R W downgraded shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $105.69.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

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.