one8zero8 LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

one8zero8 LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 233,115 shares of the software maker’s stock, valued at approximately $22,025,000. Fortinet accounts for 4.7% of one8zero8 LLC’s holdings, making the stock its 3rd biggest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Choate Investment Advisors lifted its stake in shares of Fortinet by 9.2% in the 4th quarter. Choate Investment Advisors now owns 4,125 shares of the software maker’s stock valued at $390,000 after purchasing an additional 349 shares during the period. Natixis Advisors LLC lifted its stake in shares of Fortinet by 15.6% in the 4th quarter. Natixis Advisors LLC now owns 202,316 shares of the software maker’s stock valued at $19,115,000 after purchasing an additional 27,243 shares during the period. Frank Rimerman Advisors LLC lifted its stake in shares of Fortinet by 1.4% in the 4th quarter. Frank Rimerman Advisors LLC now owns 12,819 shares of the software maker’s stock valued at $1,211,000 after purchasing an additional 173 shares during the period. Poinciana Advisors Group LLC purchased a new position in shares of Fortinet in the 4th quarter valued at approximately $436,000. Finally, First National Trust Co lifted its stake in shares of Fortinet by 17.7% in the 4th quarter. First National Trust Co now owns 3,703 shares of the software maker’s stock valued at $350,000 after purchasing an additional 558 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $96.25 on Friday. The stock has a 50-day simple moving average of $102.17 and a two-hundred day simple moving average of $91.68. 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. The firm has a market capitalization of $74.01 billion, a PE ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released 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 return on equity of 256.53% and a net margin of 29.30%. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Stifel Nicolaus raised their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Bank of America lifted their price objective on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada lifted their price objective on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Citigroup lifted their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.72.

Insider Activity

In other 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 directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

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.