Hurley Capital LLC Makes New $63,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Hurley Capital LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 645 shares of the software maker’s stock, valued at approximately $63,000.

Several other large investors have also recently modified their holdings of the business. First Hawaiian Bank bought a new position in Fortinet during the 4th quarter worth $670,000. LVM Capital Management Ltd. MI raised its position in shares of Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares during the last quarter. Trilogy Capital Inc. raised its position in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its stake in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares during the period. Finally, Milestone Asset Management LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $1,690,000. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost 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 represents a 0.11 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $84.71 on Friday. The company’s 50 day moving average price is $102.59 and its two-hundred day moving average price is $93.87. The stock has a market cap of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

FTNT has been the topic of a number of analyst reports. Citigroup upped their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Royal Bank of Canada upped their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $105.77.

About Fortinet

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.