Myriad Asset Management US LP Invests $1.10 Million in Fortinet, Inc. (NASDAQ:FTNT)

Myriad Asset Management US LP purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,671 shares of the software maker’s stock, valued at approximately $1,103,000.

Other large investors have also modified their holdings of the company. Eastern Bank purchased a new stake in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% in 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 in the last quarter. Golden State Wealth Management LLC acquired a new position in Fortinet in the 4th quarter valued at $46,000. Finally, R Squared Ltd acquired a new stake in shares of Fortinet in the 4th quarter worth $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 1.5 %

Shares of FTNT stock opened at $111.64 on Friday. The business’s 50 day moving average is $98.60 and its two-hundred day moving average is $86.37. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37. The company has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Rosenblatt Securities raised their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Citigroup raised their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. BMO Capital Markets increased their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. UBS Group increased their price target on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Susquehanna increased their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.72.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by insiders.

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.