Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Shaker Investments LLC OH

Shaker Investments LLC OH grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 34.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 46,330 shares of the software maker’s stock after purchasing an additional 11,962 shares during the quarter. Fortinet makes up about 1.8% of Shaker Investments LLC OH’s holdings, making the stock its 14th largest position. Shaker Investments LLC OH’s holdings in Fortinet were worth $4,377,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FTNT. First Hawaiian Bank acquired a new position in Fortinet in the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI lifted its holdings in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares during the period. Apollon Wealth Management LLC grew its holdings in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Trilogy Capital Inc. raised its position in Fortinet by 17.8% in 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 in the last quarter. Finally, Forsta AP Fonden grew its stake in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $109.55 on Tuesday. The stock has a market capitalization of $83.96 billion, a PE ratio of 48.47, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $110.99. The business’s fifty day moving average price is $97.67 and its 200 day moving average price is $85.31. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities research analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last three months. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FTNT. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday. Stifel Nicolaus upped their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Scotiabank upped their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $102.77.

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.