Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Insight Wealth Strategies LLC

Insight Wealth Strategies LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the fourth quarter, HoldingsChannel reports. The firm owned 21,548 shares of the software maker’s stock after buying an additional 1,611 shares during the quarter. Insight Wealth Strategies LLC’s holdings in Fortinet were worth $1,261,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Mirae Asset Global Investments Co. Ltd. increased its position in Fortinet by 24.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after purchasing an additional 76,027 shares in the last quarter. Raymond James Trust N.A. grew its holdings in shares of Fortinet by 24.0% during the 1st quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after purchasing an additional 441 shares during the period. Zions Bancorporation N.A. grew its holdings in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares during the period. Brown Brothers Harriman & Co. grew its holdings in shares of Fortinet by 209.4% during the 1st quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after purchasing an additional 1,049 shares during the period. Finally, Covestor Ltd grew its holdings in shares of Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 65.00% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,880 shares of company stock worth $10,233,981. Corporate insiders own 17.54% of the company’s stock.

Fortinet Trading Down 0.4 %

Shares of NASDAQ FTNT traded down $0.27 during midday trading on Friday, hitting $68.30. The stock had a trading volume of 2,826,740 shares, compared to its average volume of 6,427,638. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company’s 50-day simple moving average is $67.52 and its 200 day simple moving average is $60.57. The firm has a market cap of $52.11 billion, a P/E ratio of 47.29, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Stifel Nicolaus boosted their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Mizuho upped their target price on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $75.00 target price (up from $50.00) on shares of Fortinet in a research report on Wednesday, February 7th. UBS Group boosted their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Finally, Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and boosted their price target for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $71.55.

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.