Fielder Capital Group LLC Purchases 111 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fielder Capital Group LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,904 shares of the software maker’s stock after buying an additional 111 shares during the quarter. Fielder Capital Group LLC’s holdings in Fortinet were worth $652,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Manchester Capital Management LLC lifted its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Finally, Diversified Trust Co boosted its stake in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by insiders.

Fortinet Stock Down 1.8 %

FTNT opened at $107.09 on Friday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company’s 50-day moving average price is $101.09 and its two-hundred day moving average price is $89.48. The stock has a market cap of $82.08 billion, a price-to-earnings ratio of 47.39, a PEG ratio of 4.19 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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%. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FTNT shares. UBS Group lifted their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Mizuho increased their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Rosenblatt Securities increased their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently 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.