Quotient Wealth Partners LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Quotient Wealth Partners LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, Holdings Channel.com reports. The fund acquired 2,138 shares of the software maker’s stock, valued at approximately $202,000.

Other hedge funds also recently modified their holdings of the company. Livforsakringsbolaget Skandia Omsesidigt lifted its position in Fortinet by 413.7% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 5,712 shares of the software maker’s stock worth $443,000 after buying an additional 4,600 shares in the last quarter. City State Bank lifted its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Fortinet by 373.0% during the third quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock valued at $1,463,000 after purchasing an additional 14,877 shares during the last quarter. Willis Investment Counsel increased its holdings in shares of Fortinet by 0.9% in the third quarter. Willis Investment Counsel now owns 127,087 shares of the software maker’s stock valued at $9,856,000 after purchasing an additional 1,139 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet in the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FTNT. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Royal Bank of Canada boosted their price objective on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday. Rosenblatt Securities lifted their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group increased their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their target price 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. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $102.77.

Fortinet Trading Up 1.8 %

Shares of NASDAQ:FTNT opened at $109.55 on Tuesday. The stock has a market capitalization of $83.96 billion, a PE ratio of 48.47, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company’s 50-day moving average price is $97.67 and its two-hundred day moving average price is $85.31. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a one year low of $54.57 and a one year high of $110.99.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 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.