Global Retirement Partners LLC Purchases 1,002 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Global Retirement Partners LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 35.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,807 shares of the software maker’s stock after buying an additional 1,002 shares during the quarter. Global Retirement Partners LLC’s holdings in Fortinet were worth $360,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. DSM Capital Partners LLC grew its position in Fortinet by 27.4% in the 4th quarter. DSM Capital Partners LLC now owns 2,431,164 shares of the software maker’s stock valued at $229,696,000 after purchasing an additional 523,425 shares during the period. Convergence Investment Partners LLC acquired a new position in Fortinet during the fourth quarter worth $2,208,000. Valley Wealth Managers Inc. grew its holdings in shares of Fortinet by 6.1% during the fourth quarter. Valley Wealth Managers Inc. now owns 6,702 shares of the software maker’s stock valued at $633,000 after buying an additional 384 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in shares of Fortinet by 1.4% in the 4th quarter. Empower Advisory Group LLC now owns 1,022,383 shares of the software maker’s stock worth $96,595,000 after acquiring an additional 14,159 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $108.69 on Tuesday. The firm’s 50 day moving average is $100.33 and its 200 day moving average is $88.95. The stock has a market capitalization of $83.31 billion, a P/E ratio of 48.09, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month 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.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm’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 transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,460 shares of company stock valued at $7,063,290 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. TD Cowen raised their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $103.72.

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.