HighPoint Advisor Group LLC Purchases 263 Shares of Fortinet, Inc. (NASDAQ:FTNT)

HighPoint Advisor Group LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 41,878 shares of the software maker’s stock after buying an additional 263 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Fortinet were worth $3,957,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FTNT. FMR LLC raised its holdings in Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Townsquare Capital LLC increased its position in shares of Fortinet by 32.7% during the third quarter. Townsquare Capital LLC now owns 11,082 shares of the software maker’s stock valued at $859,000 after acquiring an additional 2,729 shares in the last quarter. Freedom Investment Management Inc. raised its holdings in Fortinet by 12.9% in the 3rd quarter. Freedom Investment Management Inc. now owns 3,890 shares of the software maker’s stock worth $302,000 after acquiring an additional 443 shares during the last quarter. Fiduciary Trust Co lifted its position in Fortinet by 2.6% in the 3rd quarter. Fiduciary Trust Co now owns 10,586 shares of the software maker’s stock valued at $821,000 after acquiring an additional 268 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in Fortinet by 14.7% during the 3rd quarter. Public Sector Pension Investment Board now owns 25,760 shares of the software maker’s stock valued at $1,998,000 after purchasing an additional 3,300 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $96.60 on Monday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a fifty day moving average price of $102.97 and a 200-day moving average price of $93.38. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market cap of $74.28 billion, a PE ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued 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 256.53% and a net margin of 29.30%. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 328 shares of the stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of research analyst reports. Piper Sandler restated an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, March 21st. Susquehanna lifted their target price on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Finally, Morgan Stanley initiated coverage on Fortinet in a report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price target for the company. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $105.69.

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.