Mariner LLC Purchases 25,323 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mariner LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 13.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 207,710 shares of the software maker’s stock after buying an additional 25,323 shares during the quarter. Mariner LLC’s holdings in Fortinet were worth $19,625,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. acquired a new position in Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. raised its holdings in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in Fortinet in the 4th quarter valued at $56,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $96.07 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 $73.88 billion, a PE ratio of 42.51, a P/E/G ratio of 4.19 and a beta of 1.09. The business’s 50-day moving average price is $101.22 and its two-hundred day moving average price is $94.90.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom bought 328 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 576,944 shares of company stock valued at $56,944,064 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Stifel Nicolaus raised their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Morgan Stanley reduced their target price on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group raised their target price on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $105.17.

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.