Gries Financial LLC Has $435,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Gries Financial LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,600 shares of the software maker’s stock after acquiring an additional 742 shares during the period. Gries Financial LLC’s holdings in Fortinet were worth $435,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. TD Cowen upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group increased their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.83.

Insider Activity

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated 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 completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $100.93 on Friday. 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, Inc. has a 52 week low of $54.57 and a 52 week high of $102.17. The company’s 50 day moving average price is $96.25 and its two-hundred day moving average price is $82.69. The company has a market capitalization of $77.36 billion, a P/E ratio of 50.97, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

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

Fortinet 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.