Twin Capital Management Inc. Buys 1,424 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Twin Capital Management Inc. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,370 shares of the software maker’s stock after buying an additional 1,424 shares during the quarter. Twin Capital Management Inc.’s holdings in Fortinet were worth $4,570,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Manchester Capital Management LLC grew its position in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the period. Fielder Capital Group LLC increased its position in Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its stake in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Robert W. Baird restated a “neutral” rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Finally, Susquehanna increased their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $105.77.

Insider Activity at Fortinet

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 5.3 %

NASDAQ FTNT opened at $84.71 on Monday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a 50 day moving average of $102.59 and a two-hundred day moving average of $94.00. The stock has a market capitalization of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results 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 return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.