SageView Advisory Group LLC Makes New $289,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

SageView Advisory Group LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,058 shares of the software maker's stock, valued at approximately $289,000.

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

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom bought 328 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 576,944 shares of company stock worth $56,944,064. Insiders own 18.00% of the company's stock.

Fortinet Price Performance

FTNT traded up $0.06 during trading on Friday, reaching $96.13. 2,979,093 shares of the company traded hands, 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. The firm has a fifty day simple moving average of $100.70 and a 200 day simple moving average of $95.16. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market cap of $73.92 billion, a P/E ratio of 42.54, a PEG ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data 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, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on FTNT. Piper Sandler reissued an "overweight" rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company raised their price objective on shares of Fortinet from $85.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Citigroup increased their target price on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Royal Bank of Canada lifted their price target on Fortinet from $97.00 to $115.00 and gave the company a "sector perform" rating in a research report on Friday, February 7th. Finally, StockNews.com lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus target price of $105.17.

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.