Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by GDS Wealth Management

GDS Wealth Management boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 253.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,237 shares of the software maker’s stock after purchasing an additional 14,512 shares during the quarter. GDS Wealth Management’s holdings in Fortinet were worth $1,912,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new position in Fortinet in the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI raised its stake in 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 purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC raised its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Forsta AP Fonden raised its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in Fortinet in the 3rd quarter valued at $10,343,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom bought 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, 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 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTNT shares. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their target price for the company from $83.00 to $111.00 in a report on Monday, November 11th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Morgan Stanley upped their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Wells Fargo & Company upped their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $97.23.

Fortinet Price Performance

FTNT stock opened at $100.90 on Tuesday. 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 firm has a market capitalization of $77.34 billion, a P/E ratio of 50.96, a P/E/G ratio of 2.65 and a beta of 1.00. The business’s 50-day moving average is $96.57 and its two-hundred day moving average is $83.61. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $102.87.

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

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.