Tobam Has $3.08 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Tobam reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 27.2% during the fourth quarter, HoldingsChannel reports. The firm owned 32,645 shares of the software maker’s stock after selling 12,206 shares during the period. Tobam’s holdings in Fortinet were worth $3,084,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Eastern Bank bought a new stake in Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the third quarter worth approximately $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank lifted its stake in 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 buying an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the 3rd quarter worth approximately $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ:FTNT opened at $104.72 on Friday. The business’s fifty day moving average is $97.13 and its 200 day moving average is $84.21. 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 $105.82. The firm has a market cap of $80.26 billion, a price-to-earnings ratio of 52.89, a PEG ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. Research analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now 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 sold a total of 67,860 shares of company stock valued at $6,469,056 over the last 90 days. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Truist Financial restated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wedbush increased their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $97.73.

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.