Clare Market Investments LLC Invests $567,000 in Fortinet, Inc. (NASDAQ:FTNT)

Clare Market Investments LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,005 shares of the software maker’s stock, valued at approximately $567,000.

A number of other large investors also recently modified their holdings of the company. Manchester Capital Management LLC raised its holdings in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares in the last quarter. Fielder Capital Group LLC grew its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after buying an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in shares of Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in shares of Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FTNT. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Piper Sandler reissued an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock worth $8,991,409 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 5.2 %

NASDAQ:FTNT opened at $96.04 on Tuesday. The firm has a market capitalization of $73.85 billion, a price-to-earnings ratio of 42.50, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business’s fifty day moving average price is $102.08 and its 200 day moving average price is $91.19.

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, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.