Summit Global Investments Invests $384,000 in Fortinet, Inc. (NASDAQ:FTNT)

Summit Global Investments purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,069 shares of the software maker’s stock, valued at approximately $384,000.

Other hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA raised its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares during the last quarter. Private Trust Co. NA boosted its holdings in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter worth $65,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.2 %

NASDAQ FTNT opened at $99.79 on Tuesday. The stock’s 50-day moving average price is $102.46 and its 200-day moving average price is $92.70. The company has a market capitalization of $76.74 billion, a P/E ratio of 44.16, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. 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, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

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, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Jefferies Financial Group increased their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Mizuho increased their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group upped their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $105.69.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. 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.