Larson Financial Group LLC Acquires 172 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Larson Financial Group LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,751 shares of the software maker’s stock after buying an additional 172 shares during the quarter. Larson Financial Group LLC’s holdings in Fortinet were worth $1,016,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FTNT. FMR LLC raised its holdings in Fortinet by 276.3% during the third 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 in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Fortinet by 136.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after purchasing an additional 1,682,708 shares in the last quarter. State Street Corp raised its stake in shares of Fortinet by 2.9% during the 3rd 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. Raymond James Financial Inc. acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $69,381,000. Finally, Worldquant Millennium Advisors LLC grew its stake 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 buying an additional 724,887 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom bought 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 87,120 shares of company stock worth $8,991,409 over the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.4 %

Shares of NASDAQ FTNT opened at $101.28 on Monday. The stock has a market capitalization of $77.88 billion, a P/E ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97. The stock’s fifty day moving average is $102.06 and its 200 day moving average is $91.04. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last issued its 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 256.53%. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTNT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Citigroup lifted their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft upped their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Finally, Susquehanna lifted their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $103.72.

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.