Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 63.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,554 shares of the software maker’s stock after acquiring an additional 604 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Fortinet were worth $147,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. FMR LLC increased its position in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Fortinet by 3,155.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp lifted its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after acquiring an additional 724,887 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.8 %

Shares of NASDAQ FTNT opened at $97.45 on Friday. The business has a 50 day simple moving average of $95.65 and a 200 day simple moving average of $81.33. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The stock has a market cap of $74.69 billion, a price-to-earnings ratio of 49.22, a PEG ratio of 2.55 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the firm earned $0.35 EPS. On average, research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, November 22nd. Bank of America boosted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Robert W. Baird increased their target price on Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Finally, Rosenblatt Securities lifted their price target on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $96.83.

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.