Trek Financial LLC Acquires New Position in Fortinet, Inc. (NASDAQ:FTNT)

Trek Financial LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 39,366 shares of the software maker's stock, valued at approximately $3,719,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. Geode Capital Management LLC grew its stake in Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock valued at $1,440,648,000 after acquiring an additional 387,901 shares during the last quarter. Norges Bank acquired a new stake in Fortinet in the 4th quarter valued at about $724,048,000. Arrowstreet Capital Limited Partnership increased its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock valued at $720,150,000 after acquiring an additional 2,151,811 shares in the last quarter. Finally, Amundi raised its position in Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock worth $631,700,000 after acquiring an additional 1,766,860 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FTNT shares. Wells Fargo & Company increased their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. Stephens began coverage on Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Scotiabank boosted their price target on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a report on Friday, February 7th. Cantor Fitzgerald increased their price objective on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Finally, Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $105.77.

Fortinet Stock Up 0.9 %

Shares of FTNT stock traded up $0.88 during trading hours on Friday, reaching $97.20. The company had a trading volume of 2,294,325 shares, compared to its average volume of 5,053,685. The company has a market capitalization of $74.75 billion, a P/E ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. 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 twelve month low of $54.57 and a twelve month high of $114.82. The stock's fifty day simple moving average is $101.82 and its 200 day simple moving average is $94.46.

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 (EPS) 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 expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 328 shares of the company's stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the company's 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 approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last quarter. Company insiders own 18.00% of the company's stock.

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.