Impact Investors Inc Purchases Shares of 4,359 Fortinet, Inc. (NASDAQ:FTNT)

Impact Investors Inc purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,359 shares of the software maker’s stock, valued at approximately $412,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. National Pension Service grew its holdings in shares of Fortinet by 2.9% during the fourth quarter. National Pension Service now owns 1,959,847 shares of the software maker’s stock worth $185,166,000 after buying an additional 54,444 shares in the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Fortinet by 2.7% during the fourth quarter. Lake Street Advisors Group LLC now owns 6,596 shares of the software maker’s stock worth $623,000 after purchasing an additional 173 shares during the last quarter. Kirtland Hills Capital Management LLC acquired a new position in Fortinet in the fourth quarter valued at $299,000. Illinois Municipal Retirement Fund boosted its position in shares of Fortinet by 74.7% in the fourth quarter. Illinois Municipal Retirement Fund now owns 168,325 shares of the software maker’s stock worth $15,903,000 after acquiring an additional 71,972 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after buying an additional 1,682,708 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FTNT. Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Scotiabank upped their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. 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 note on Monday, February 3rd. HSBC raised Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Truist Financial reissued a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

FTNT stock opened at $108.06 on Wednesday. The firm has a 50-day moving average of $100.54 and a two-hundred day moving average of $89.22. The firm has a market capitalization of $82.82 billion, a PE ratio of 47.81, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

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 the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 69,460 shares of company stock worth $7,063,290. 18.00% of the stock is owned by company insiders.

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.