Raymond James Financial Inc. Purchases Shares of 734,342 Fortinet, Inc. (NASDAQ:FTNT)

Raymond James Financial Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 734,342 shares of the software maker’s stock, valued at approximately $69,381,000. Raymond James Financial Inc. owned approximately 0.10% of Fortinet at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dana Investment Advisors Inc. grew its holdings in shares of Fortinet by 4.9% during the fourth quarter. Dana Investment Advisors Inc. now owns 30,360 shares of the software maker’s stock valued at $2,868,000 after buying an additional 1,408 shares during the last quarter. Cullen Frost Bankers Inc. grew its holdings in shares of Fortinet by 1.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 15,454 shares of the software maker’s stock valued at $1,460,000 after buying an additional 219 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Fortinet by 95.3% during the fourth quarter. Proficio Capital Partners LLC now owns 5,793 shares of the software maker’s stock valued at $547,000 after buying an additional 2,827 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Fortinet by 12.0% during the fourth quarter. M&T Bank Corp now owns 37,126 shares of the software maker’s stock valued at $3,508,000 after buying an additional 3,987 shares during the last quarter. Finally, Assetmark Inc. grew its holdings in shares of Fortinet by 692.3% during the fourth quarter. Assetmark Inc. now owns 96,913 shares of the software maker’s stock valued at $9,156,000 after buying an additional 84,681 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

NASDAQ FTNT opened at $101.28 on Monday. The company’s 50 day moving average is $102.06 and its 200-day moving average is $91.04. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $77.88 billion, a P/E ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. BMO Capital Markets lifted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler restated an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insider Activity

In other news, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now 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 acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,120 shares of company stock valued at $8,991,409 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.