Patriot Financial Group Insurance Agency LLC Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Patriot Financial Group Insurance Agency LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.5% in the 4th quarter, HoldingsChannel reports. The fund owned 23,289 shares of the software maker’s stock after purchasing an additional 1,213 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Fortinet were worth $2,200,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Perigon Wealth Management LLC increased its holdings in Fortinet by 14.5% in the 4th quarter. Perigon Wealth Management LLC now owns 14,322 shares of the software maker’s stock valued at $1,347,000 after purchasing an additional 1,811 shares during the last quarter. Patrick M Sweeney & Associates Inc. acquired a new position in Fortinet during the 4th quarter worth about $236,000. YHB Investment Advisors Inc. grew its position in Fortinet by 5.0% in the 4th quarter. YHB Investment Advisors Inc. now owns 65,797 shares of the software maker’s stock valued at $6,217,000 after acquiring an additional 3,149 shares in the last quarter. Lebenthal Global Advisors LLC purchased a new stake in Fortinet during the fourth quarter worth about $215,000. Finally, Pacer Advisors Inc. grew its holdings in shares of Fortinet by 70.3% in the fourth quarter. Pacer Advisors Inc. now owns 225,575 shares of the software maker’s stock valued at $21,312,000 after purchasing an additional 93,125 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Thursday, December 19th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Robert W. Baird raised their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Citigroup increased their target price on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Barclays upped their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $96.83.

Fortinet Price Performance

Shares of FTNT stock opened at $95.96 on Tuesday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $73.55 billion, a PE ratio of 48.61, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The firm has a fifty day simple moving average of $95.80 and a 200-day simple moving average of $82.16.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the company earned $0.35 earnings per share. Equities research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on 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 in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by corporate insiders.

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.