Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Donoghue Forlines LLC

Donoghue Forlines LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 160.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 21,791 shares of the software maker’s stock after buying an additional 13,422 shares during the period. Fortinet makes up approximately 0.7% of Donoghue Forlines LLC’s investment portfolio, making the stock its 24th largest holding. Donoghue Forlines LLC’s holdings in Fortinet were worth $2,059,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Fifth Third Wealth Advisors LLC boosted its holdings in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co boosted its stake in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares in the last quarter. Eagle Capital Management LLC grew its holdings in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC increased its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Stifel Nicolaus upped their target price on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Morgan Stanley increased their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Scotiabank lifted their target price on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, UBS Group lifted their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $96.83.

Fortinet Trading Down 1.5 %

Shares of FTNT opened at $96.75 on Thursday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The stock’s 50-day moving average is $95.59 and its two-hundred day moving average is $81.22. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market cap of $74.15 billion, a PE ratio of 48.87, a P/E/G ratio of 2.55 and a beta of 1.00.

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, topping analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the prior year, the business earned $0.35 EPS. Equities analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, 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 position. The disclosure for this purchase can be found here. In the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

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.