Capital Performance Advisors LLP Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Capital Performance Advisors LLP increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 47.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,184 shares of the software maker’s stock after purchasing an additional 1,669 shares during the quarter. Capital Performance Advisors LLP’s holdings in Fortinet were worth $490,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Eastern Bank purchased a new position in Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during 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 during the last quarter. Golden State Wealth Management LLC bought a new stake in Fortinet during the fourth quarter worth about $46,000. Finally, R Squared Ltd bought a new stake in Fortinet during the fourth quarter worth about $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their target price on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. UBS Group boosted their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Fortinet stock opened at $111.64 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The stock’s 50 day moving average is $98.60 and its 200 day moving average is $86.77. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 research analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Activity at Fortinet

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

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.