V Square Quantitative Management LLC Acquires 1,689 Shares of Fortinet, Inc. (NASDAQ:FTNT)

V Square Quantitative Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,168 shares of the software maker’s stock after purchasing an additional 1,689 shares during the period. V Square Quantitative Management LLC’s holdings in Fortinet were worth $1,339,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. SeaCrest Wealth Management LLC bought a new stake in shares of Fortinet during the third quarter worth $329,000. nVerses Capital LLC bought a new position in Fortinet during the 3rd quarter worth about $1,000,000. Bleakley Financial Group LLC raised its stake in shares of Fortinet by 4.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after purchasing an additional 399 shares during the period. Marshall Financial Group LLC bought a new stake in shares of Fortinet in the third quarter valued at about $205,000. Finally, TruWealth Advisors LLC boosted its position in shares of Fortinet by 6.0% during the third quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker’s stock worth $665,000 after buying an additional 487 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $109.98 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $110.99. 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 cap of $84.29 billion, a price-to-earnings ratio of 48.66, a P/E/G ratio of 2.75 and a beta of 1.01. The stock’s fifty day moving average price is $98.35 and its two-hundred day moving average price is $85.99.

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

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FTNT shares. Truist Financial reissued a “buy” rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wedbush boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.72.

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.