Fortinet, Inc. (NASDAQ:FTNT) Stake Raised by Proficio Capital Partners LLC

Proficio Capital Partners LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 95.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,793 shares of the software maker's stock after acquiring an additional 2,827 shares during the quarter. Proficio Capital Partners LLC's holdings in Fortinet were worth $547,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FTNT. Golden State Wealth Management LLC acquired a new stake in Fortinet in the fourth quarter valued at $46,000. Private Trust Co. NA raised its position 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 acquiring an additional 307 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at about $65,000. Venturi Wealth Management LLC grew its position in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock valued at $66,000 after purchasing an additional 163 shares during the last quarter. Finally, St. Johns Investment Management Company LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $72,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on FTNT shares. Stifel Nicolaus boosted their target price on shares of Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research note on Friday, February 7th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Baird R W downgraded Fortinet from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. The Goldman Sachs Group raised their price objective on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average target price of $105.69.

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Fortinet Stock Up 2.3 %

FTNT stock traded up $2.34 during mid-day trading on Tuesday, hitting $102.13. 1,502,380 shares of the company were exchanged, compared to its average volume of 4,798,211. The company has a market capitalization of $78.53 billion, a PE ratio of 45.17, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The firm has a fifty day simple moving average of $102.46 and a 200 day simple moving average of $92.70. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

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

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction that occurred 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 approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 over the last 90 days. 18.00% of the stock is 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.