Norden Group LLC Makes New $4.22 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

Norden Group LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 44,623 shares of the software maker’s stock, valued at approximately $4,216,000.

Other institutional investors also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its stake in Fortinet by 21.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after purchasing an additional 2,775 shares during the period. Stephens Inc. AR boosted its holdings in shares of Fortinet by 84.2% in the 3rd quarter. Stephens Inc. AR now owns 10,811 shares of the software maker’s stock worth $838,000 after buying an additional 4,941 shares during the last quarter. Weatherly Asset Management L. P. boosted its holdings in shares of Fortinet by 0.4% in the 3rd quarter. Weatherly Asset Management L. P. now owns 115,503 shares of the software maker’s stock worth $8,957,000 after buying an additional 495 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Fortinet by 61.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 6,854 shares of the software maker’s stock worth $532,000 after buying an additional 2,598 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Fortinet by 34.1% in the 3rd quarter. Janney Montgomery Scott LLC now owns 109,127 shares of the software maker’s stock worth $8,463,000 after buying an additional 27,722 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FTNT shares. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Mizuho boosted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Wells Fargo & Company boosted their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. The Goldman Sachs Group boosted their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock worth $8,991,409 over the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.9 %

FTNT stock opened at $108.01 on Friday. 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 company’s 50 day moving average is $101.31 and its 200 day moving average is $89.87. The stock has a market cap of $83.06 billion, a price-to-earnings ratio of 47.79, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year 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, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts predict 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.