Fortinet, Inc. (NASDAQ:FTNT) is Fulcrum Capital LLC’s 10th Largest Position

Fulcrum Capital LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 126,020 shares of the software maker’s stock after buying an additional 815 shares during the quarter. Fortinet comprises about 2.5% of Fulcrum Capital LLC’s investment portfolio, making the stock its 10th biggest position. Fulcrum Capital LLC’s holdings in Fortinet were worth $11,906,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new position in shares of Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet in the third quarter worth about $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Stifel Nicolaus boosted their price target on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Scotiabank boosted their price target on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 20th. Rosenblatt Securities lifted their price objective on Fortinet from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Morgan Stanley increased their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $94.35.

Fortinet Price Performance

Fortinet stock traded down $1.18 during mid-day trading on Monday, hitting $93.38. The company’s stock had a trading volume of 1,907,704 shares, compared to its average volume of 3,689,308. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock’s fifty day moving average price is $94.59 and its two-hundred day moving average price is $79.44. The stock has a market capitalization of $71.57 billion, a P/E ratio of 47.16, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 68,123 shares of company stock valued at $6,227,201 over the last three months. 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.