Tower Research Capital LLC TRC Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Tower Research Capital LLC TRC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 122.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 63,152 shares of the software maker’s stock after buying an additional 34,763 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Fortinet were worth $5,967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

Several brokerages recently issued reports on FTNT. Susquehanna boosted their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Cantor Fitzgerald boosted their target price on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $105.17.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet 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 $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 576,944 shares of company stock valued at $56,944,064 over the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.1 %

Shares of NASDAQ FTNT opened at $96.13 on Monday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm’s 50-day moving average is $100.70 and its two-hundred day moving average is $95.41. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market capitalization of $73.92 billion, a PE ratio of 42.54, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.