FineMark National Bank & Trust Has $497,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

FineMark National Bank & Trust grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,260 shares of the software maker’s stock after acquiring an additional 150 shares during the quarter. FineMark National Bank & Trust’s holdings in Fortinet were worth $497,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in Fortinet during the fourth quarter valued at approximately $46,000. Runnymede Capital Advisors Inc. bought a new stake in shares of Fortinet during the 4th quarter worth approximately $56,000. LFA Lugano Financial Advisors SA boosted its holdings in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares during the last quarter. Private Trust Co. NA grew its stake in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after buying an additional 307 shares in the last quarter. Finally, R Squared Ltd acquired a new position in Fortinet during the fourth quarter worth $65,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. UBS Group set a $123.00 price target on Fortinet in a research report on Tuesday, March 18th. Robert W. Baird reiterated a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Mizuho boosted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Performance

NASDAQ:FTNT opened at $101.01 on Thursday. The company has a market cap of $77.67 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a fifty day moving average price of $102.81 and a 200-day moving average price of $92.95.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last three months. Corporate insiders own 18.00% of the company’s stock.

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.