HMS Capital Management LLC Acquires 294 Shares of Fortinet, Inc. (NASDAQ:FTNT)

HMS Capital Management LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 30,318 shares of the software maker’s stock after buying an additional 294 shares during the quarter. Fortinet accounts for about 1.4% of HMS Capital Management LLC’s investment portfolio, making the stock its 16th largest holding. HMS Capital Management LLC’s holdings in Fortinet were worth $2,864,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in FTNT. Fiera Capital Corp lifted its stake in shares of Fortinet by 14.4% in the 4th quarter. Fiera Capital Corp now owns 1,042,009 shares of the software maker’s stock valued at $98,449,000 after purchasing an additional 131,393 shares during the period. Van ECK Associates Corp lifted its stake in shares of Fortinet by 3.4% in the 4th quarter. Van ECK Associates Corp now owns 3,267,528 shares of the software maker’s stock valued at $308,716,000 after purchasing an additional 106,253 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Fortinet by 154.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 387,777 shares of the software maker’s stock valued at $36,742,000 after buying an additional 235,245 shares during the last quarter. Lester Murray Antman dba SimplyRich purchased a new position in Fortinet during the fourth quarter valued at $320,000. Finally, Davidson Capital Management Inc. raised its stake in Fortinet by 3.5% during the fourth quarter. Davidson Capital Management Inc. now owns 43,681 shares of the software maker’s stock valued at $4,127,000 after buying an additional 1,467 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 over the last quarter. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Down 0.6 %

FTNT opened at $107.70 on Thursday. The stock has a market cap of $82.55 billion, a price-to-earnings ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. The stock’s 50 day moving average price is $98.12 and its 200-day moving average price is $85.82. Fortinet, Inc. has a one year low of $54.57 and a one year high of $110.99. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, equities analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Morgan Stanley boosted their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Barclays boosted their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Citigroup boosted their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, BMO Capital Markets boosted their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $102.77.

About Fortinet

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.