2,852 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Stegent Equity Advisors Inc.

Stegent Equity Advisors Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,852 shares of the software maker’s stock, valued at approximately $269,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $46,000. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Susquehanna boosted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Finally, UBS Group boosted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

Fortinet stock opened at $109.02 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a fifty day moving average of $100.85 and a 200-day moving average of $89.36. The firm has a market capitalization of $83.56 billion, a P/E ratio of 48.24, a PEG ratio of 4.19 and a beta of 1.01. 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 released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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%. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 69,460 shares of company stock worth $7,063,290. 18.00% of the stock is currently owned by company insiders.

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.