Fagan Associates Inc. Buys 1,798 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fagan Associates Inc. raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 58,565 shares of the software maker’s stock after purchasing an additional 1,798 shares during the period. Fagan Associates Inc.’s holdings in Fortinet were worth $5,533,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC lifted its position in shares of Fortinet by 35.7% in the fourth quarter. Global Retirement Partners LLC now owns 3,807 shares of the software maker’s stock valued at $360,000 after acquiring an additional 1,002 shares in the last quarter. DSM Capital Partners LLC lifted its position in shares of Fortinet by 27.4% in the fourth quarter. DSM Capital Partners LLC now owns 2,431,164 shares of the software maker’s stock valued at $229,696,000 after acquiring an additional 523,425 shares in the last quarter. Convergence Investment Partners LLC purchased a new position in shares of Fortinet in the fourth quarter valued at about $2,208,000. Valley Wealth Managers Inc. lifted its position in shares of Fortinet by 6.1% in the fourth quarter. Valley Wealth Managers Inc. now owns 6,702 shares of the software maker’s stock valued at $633,000 after acquiring an additional 384 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 2.3 %

FTNT opened at $114.26 on Wednesday. The stock has a market cap of $87.57 billion, a price-to-earnings ratio of 50.56, a P/E/G ratio of 4.09 and a beta of 1.01. The stock’s 50 day moving average price is $99.23 and its 200-day moving average price is $87.56. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research analyst reports. Jefferies Financial Group boosted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Wedbush boosted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $112.00 target price (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $103.72.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. 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 63,610 shares of company stock valued at $6,083,029 over the last quarter. 18.00% of the stock is 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.