Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Weatherly Asset Management L. P.

Weatherly Asset Management L. P. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 116,146 shares of the software maker’s stock after buying an additional 643 shares during the period. Fortinet makes up about 1.0% of Weatherly Asset Management L. P.’s holdings, making the stock its 24th biggest holding. Weatherly Asset Management L. P.’s holdings in Fortinet were worth $10,973,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Eastern Bank purchased a new stake in Fortinet during the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the 3rd quarter worth $26,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank boosted its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in Fortinet during the 3rd quarter worth $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research reports. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Truist Financial reissued a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday. Finally, Susquehanna upped their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $102.77.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Stock Up 1.8 %

FTNT opened at $109.55 on Tuesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. 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 stock has a market capitalization of $83.96 billion, a price-to-earnings ratio of 48.47, a P/E/G ratio of 2.75 and a beta of 1.01. The business has a 50 day moving average of $97.67 and a 200-day moving average of $85.31.

Fortinet (NASDAQ:FTNT) last issued 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 return on equity of 463.85% and a net margin of 29.30%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.05 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.