Davidson Capital Management Inc. Buys 1,467 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Davidson Capital Management Inc. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,681 shares of the software maker’s stock after acquiring an additional 1,467 shares during the period. Fortinet accounts for about 1.1% of Davidson Capital Management Inc.’s holdings, making the stock its 14th biggest position. Davidson Capital Management Inc.’s holdings in Fortinet were worth $4,127,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. FMR LLC increased its holdings in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp increased its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Worldquant Millennium Advisors LLC raised its position in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Fortinet by 27.6% in the third quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock valued at $200,172,000 after purchasing an additional 558,807 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 1.1 %

FTNT stock opened at $108.33 on Wednesday. The company has a market capitalization of $83.03 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.75 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, Inc. has a one year low of $54.57 and a one year high of $110.99. The company’s 50 day moving average price is $97.93 and its two-hundred day moving average price is $85.67.

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

Insider Activity

In other news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. BMO Capital Markets boosted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group raised their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.77.

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.