Cornerstone Advisory LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Cornerstone Advisory LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, Holdings Channel reports. The fund acquired 2,053 shares of the software maker’s stock, valued at approximately $194,000.

A number of other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in Fortinet by 6.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock valued at $1,612,000 after acquiring an additional 1,085 shares in the last quarter. Ballentine Partners LLC raised its holdings in shares of Fortinet by 2.1% in the fourth quarter. Ballentine Partners LLC now owns 7,706 shares of the software maker’s stock valued at $728,000 after purchasing an additional 156 shares during the last quarter. Atomi Financial Group Inc. lifted its position in shares of Fortinet by 16.3% in the fourth quarter. Atomi Financial Group Inc. now owns 9,485 shares of the software maker’s stock worth $896,000 after purchasing an additional 1,326 shares in the last quarter. Simon Quick Advisors LLC bought a new stake in shares of Fortinet in the fourth quarter worth $221,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Fortinet by 39.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 160,481 shares of the software maker’s stock worth $15,162,000 after purchasing an additional 45,092 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.8%

Fortinet stock opened at $103.62 on Friday. The company’s 50-day moving average price is $99.16 and its two-hundred day moving average price is $98.85. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a market cap of $79.31 billion, a P/E ratio of 45.85, a P/E/G ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 earnings per share. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. This represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 715,478 shares of company stock worth $71,467,247 in the last 90 days. Company insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. KeyCorp lowered their price target on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. UBS Group decreased their price objective on Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Robert W. Baird upped their target price on Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Roth Capital set a $103.00 price target on Fortinet and gave the company a “neutral” rating in a research report on Tuesday, April 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet 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, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $104.80.

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.