Inceptionr LLC Invests $537,000 in Fortinet, Inc. (NASDAQ:FTNT)

Inceptionr LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,684 shares of the software maker’s stock, valued at approximately $537,000.

Other hedge funds also recently modified their holdings of the company. First Hawaiian Bank acquired a new stake in shares of Fortinet during the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI increased its position in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC increased its position in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares during the period. Trilogy Capital Inc. increased its position in Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. increased its position in Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FTNT shares. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Royal Bank of Canada raised their price target on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Piper Sandler reissued an “overweight” rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $103.72.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $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 a total of 87,120 shares of company stock worth $8,991,409 in the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.4 %

NASDAQ:FTNT opened at $101.28 on Friday. The firm’s 50 day simple moving average is $102.06 and its 200 day simple moving average is $90.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market cap of $77.88 billion, a PE ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.