Fortinet, Inc. (NASDAQ:FTNT) Stock Position Increased by Harbour Investments Inc.

Harbour Investments Inc. lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 17.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,465 shares of the software maker’s stock after buying an additional 219 shares during the quarter. Harbour Investments Inc.’s holdings in Fortinet were worth $138,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. one8zero8 LLC acquired a new position in shares of Fortinet in the 4th quarter worth $22,025,000. Choate Investment Advisors grew its holdings in shares of Fortinet by 9.2% in the 4th quarter. Choate Investment Advisors now owns 4,125 shares of the software maker’s stock worth $390,000 after acquiring an additional 349 shares during the last quarter. Natixis Advisors LLC grew its holdings in shares of Fortinet by 15.6% in the 4th quarter. Natixis Advisors LLC now owns 202,316 shares of the software maker’s stock worth $19,115,000 after acquiring an additional 27,243 shares during the last quarter. Frank Rimerman Advisors LLC grew its holdings in shares of Fortinet by 1.4% in the 4th quarter. Frank Rimerman Advisors LLC now owns 12,819 shares of the software maker’s stock worth $1,211,000 after acquiring an additional 173 shares during the last quarter. Finally, Poinciana Advisors Group LLC acquired a new position in shares of Fortinet in the 4th quarter worth $436,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 326,784 shares of the business’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 owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $98.65 on Friday. 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 current ratio of 1.47 and a quick ratio of 1.39. The stock has a market capitalization of $75.86 billion, a P/E ratio of 43.65, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50-day moving average of $102.34 and a two-hundred day moving average of $92.42.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FTNT. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Royal Bank of Canada lifted their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Citigroup lifted their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $105.69.

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.