Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Trilogy Capital Inc.

Trilogy Capital Inc. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,499 shares of the software maker’s stock after purchasing an additional 3,544 shares during the quarter. Trilogy Capital Inc.’s holdings in Fortinet were worth $2,220,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in FTNT. Money Concepts Capital Corp raised its holdings in Fortinet by 2.6% during the 4th quarter. Money Concepts Capital Corp now owns 17,701 shares of the software maker’s stock worth $1,672,000 after buying an additional 449 shares during the period. Lion Street Advisors LLC raised its holdings in Fortinet by 29.1% during the 4th quarter. Lion Street Advisors LLC now owns 18,435 shares of the software maker’s stock worth $1,742,000 after buying an additional 4,160 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Fortinet by 34.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker’s stock worth $22,680,000 after buying an additional 60,249 shares during the period. Jackson Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter worth about $4,731,000. Finally, Groesbeck Investment Management Corp NJ raised its holdings in Fortinet by 5.5% during the 4th quarter. Groesbeck Investment Management Corp NJ now owns 14,649 shares of the software maker’s stock worth $1,384,000 after buying an additional 765 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the company’s stock in a transaction on Friday, December 6th. The stock was 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 in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents 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 worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $97.73.

Fortinet Price Performance

Shares of FTNT opened at $105.07 on Thursday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $105.12. The company has a 50 day moving average price of $96.92 and a 200-day moving average price of $84.07. The stock has a market capitalization of $80.53 billion, a PE ratio of 53.07, a PEG ratio of 2.65 and a beta of 1.01. 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 (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating 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 quarter in the prior year, the business posted $0.35 EPS. Equities analysts predict 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.