Sagespring Wealth Partners LLC Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sagespring Wealth Partners LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 3,610 shares of the software maker's stock, valued at approximately $341,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the fourth quarter worth about $27,000. Oarsman Capital Inc. raised its stake in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $43,000. Golden State Wealth Management LLC purchased a new position in Fortinet in the 4th quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $56,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 0.1 %

NASDAQ FTNT traded up $0.06 during trading on Friday, hitting $96.13. The stock had a trading volume of 2,979,093 shares, compared to its average volume of 5,084,694. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company's 50-day moving average price is $100.70 and its two-hundred day moving average price is $95.16. The company has a market capitalization of $73.92 billion, a PE ratio of 42.54, a P/E/G ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results 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 net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling 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 stock was purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 576,944 shares of company stock valued at $56,944,064 in the last quarter. 18.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Robert W. Baird reaffirmed a "neutral" rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Royal Bank of Canada lifted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Friday, February 7th. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. Stephens assumed coverage on Fortinet in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price for the company. Finally, The Goldman Sachs Group increased their target price 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. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $105.17.

Fortinet Company 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.