Wilmington Savings Fund Society FSB Has $611,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Wilmington Savings Fund Society FSB increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 79.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,472 shares of the software maker’s stock after acquiring an additional 2,867 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Fortinet were worth $611,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Eastern Bank bought a new position in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank grew its position in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the 3rd quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald raised their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Citigroup increased 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. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $102.77.

Fortinet Trading Up 1.8 %

FTNT stock opened at $109.55 on Tuesday. The business has a fifty day moving average of $97.67 and a 200-day moving average of $85.31. The company has a market cap of $83.96 billion, a P/E ratio of 48.47, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $110.99. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last issued 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 net margin of 29.30% and a return on equity of 463.85%. As a group, equities research analysts expect that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. 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.