2,723 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Resonant Capital Advisors LLC

Resonant Capital Advisors LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, Holdings Channel reports. The fund bought 2,723 shares of the software maker’s stock, valued at approximately $257,000.

A number of other large investors have also recently added to or reduced their stakes in FTNT. Algert Global LLC bought a new stake in Fortinet during the second quarter worth approximately $502,000. Truist Financial Corp boosted its holdings in Fortinet by 5.1% during the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock worth $2,765,000 after buying an additional 2,227 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Fortinet during the second quarter worth approximately $2,922,000. Czech National Bank boosted its holdings in Fortinet by 7.0% during the third quarter. Czech National Bank now owns 129,330 shares of the software maker’s stock worth $10,030,000 after buying an additional 8,502 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its stake in Fortinet by 85.7% in the 3rd quarter. Park Avenue Securities LLC now owns 10,794 shares of the software maker’s stock worth $837,000 after purchasing an additional 4,980 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FTNT. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. BMO Capital Markets raised their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Barclays raised their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $97.23.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $100.90 on Tuesday. The company has a market capitalization of $77.34 billion, a PE ratio of 50.96, a price-to-earnings-growth ratio of 2.65 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $102.87. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company’s fifty day moving average price is $96.57 and its 200 day moving average price is $83.61.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the firm posted $0.35 EPS. As a group, analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.