Roman Butler Fullerton & Co. Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Roman Butler Fullerton & Co. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,998 shares of the software maker's stock, valued at approximately $290,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC purchased a new stake in Fortinet during the 3rd quarter valued at approximately $329,000. Bleakley Financial Group LLC lifted its holdings in shares of Fortinet by 4.8% during the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker's stock worth $672,000 after purchasing an additional 399 shares during the period. Marshall Financial Group LLC purchased a new position in Fortinet in the 3rd quarter valued at $205,000. Claro Advisors LLC purchased a new position in Fortinet during the 3rd quarter worth $162,000. Finally, Trust Point Inc. acquired a new stake in shares of Fortinet in the 3rd quarter worth $220,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. HSBC raised shares of Fortinet from a "hold" rating to a "buy" rating and upped their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. BMO Capital Markets lifted their price target on Fortinet from $88.00 to $100.00 and gave the stock a "market perform" rating in a research note on Tuesday, November 19th. Finally, Scotiabank upped their target price on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a research note on Friday, February 7th. One equities 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $103.72.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of the 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 $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,610 shares of company stock valued at $6,083,029. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.31 during mid-day trading on Wednesday, hitting $114.57. The stock had a trading volume of 4,701,157 shares, compared to its average volume of 4,582,326. 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 company has a 50 day simple moving average of $99.23 and a 200-day simple moving average of $87.56. The stock has a market capitalization of $87.81 billion, a price-to-earnings ratio of 50.69, a P/E/G ratio of 4.09 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.