Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by O Shaughnessy Asset Management LLC

O Shaughnessy Asset Management LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 19.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,481 shares of the software maker’s stock after purchasing an additional 10,291 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Fortinet were worth $6,092,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FTNT. Graney & King LLC acquired a new position in Fortinet during the 4th quarter worth about $43,000. Golden State Wealth Management LLC purchased a new position in shares of Fortinet in the fourth quarter valued at approximately $46,000. Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $56,000. LFA Lugano Financial Advisors SA increased its stake in Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares during the period. Finally, Private Trust Co. NA lifted its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 0.4 %

Fortinet stock opened at $96.67 on Wednesday. The stock has a market capitalization of $74.34 billion, a price-to-earnings ratio of 42.77, a PEG ratio of 4.19 and a beta of 0.97. 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 stock has a 50 day moving average of $103.00 and a two-hundred day moving average of $93.68. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. UBS Group set a $123.00 price objective on Fortinet in a research note on Tuesday, March 18th. Jefferies Financial Group cut their target price on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $105.77.

Fortinet Company 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.