Crumly & Associates Inc. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Crumly & Associates Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,706 shares of the software maker’s stock, valued at approximately $256,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Manchester Capital Management LLC raised its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after buying an additional 128 shares in the last quarter. Finally, Diversified Trust Co raised its position in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of FTNT opened at $114.19 on Friday. The company’s fifty day moving average is $99.88 and its 200-day moving average is $87.93. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a market cap of $87.52 billion, a price-to-earnings ratio of 50.53, a price-to-earnings-growth ratio of 4.20 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 announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 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%. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FTNT. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred 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 purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 87,110 shares of company stock worth $8,751,689 in the last 90 days. 18.00% of the stock is owned by 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.