OmniStar Financial Group Inc. Purchases Shares of 1,905 Fortinet, Inc. (NASDAQ:FTNT)


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OmniStar Financial Group Inc. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,905 shares of the software maker’s stock, valued at approximately $283,000.

Other hedge funds have also recently bought and sold shares of the company. Toronto Dominion Bank boosted its stake in shares of Fortinet by 20.3% during the 4th quarter. Toronto Dominion Bank now owns 81,234 shares of the software maker’s stock worth $12,065,000 after acquiring an additional 13,730 shares in the last quarter. Sumitomo Life Insurance Co. purchased a new position in Fortinet in the 4th quarter valued at about $1,168,000. Cerity Partners LLC purchased a new position in Fortinet in the 3rd quarter valued at about $2,329,000. State of Wisconsin Investment Board lifted its stake in Fortinet by 111.4% in the 4th quarter. State of Wisconsin Investment Board now owns 182,153 shares of the software maker’s stock valued at $27,055,000 after buying an additional 95,976 shares in the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Fortinet by 34.7% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 19,296 shares of the software maker’s stock valued at $2,273,000 after acquiring an additional 4,975 shares during the last quarter. 67.77% of the stock is currently owned by institutional investors and hedge funds.

In other Fortinet news, VP John Whittle sold 2,540 shares of the company’s stock in a transaction dated Thursday, January 21st. The shares were sold at an average price of $151.36, for a total value of $384,454.40. Following the sale, the vice president now owns 625 shares of the company’s stock, valued at $94,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 5,820 shares of the company’s stock in a transaction dated Tuesday, February 9th. The shares were sold at an average price of $159.51, for a total transaction of $928,348.20. Following the completion of the sale, the vice president now directly owns 6,075,145 shares in the company, valued at approximately $969,046,378.95. The disclosure for this sale can be found here. Insiders sold 30,092 shares of company stock worth $4,586,303 in the last ninety days. Insiders own 17.20% of the company’s stock.

Several brokerages have commented on FTNT. Citigroup decreased their price target on shares of Fortinet from $110.00 to $104.00 and set a “sell” rating for the company in a research report on Friday, February 5th. Barclays lifted their price objective on shares of Fortinet from $150.00 to $173.00 and gave the stock an “equal weight” rating in a research report on Friday, February 5th. BTIG Research raised shares of Fortinet from a “neutral” rating to a “buy” rating and set a $178.00 price objective for the company in a research report on Friday, January 22nd. DA Davidson raised shares of Fortinet from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $130.00 to $170.00 in a research report on Tuesday, January 12th. Finally, Piper Sandler cut shares of Fortinet from an “overweight” rating to a “neutral” rating and set a $150.00 price objective for the company. in a research report on Monday, January 4th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the stock. Fortinet presently has an average rating of “Hold” and a consensus price target of $147.87.

FTNT stock opened at $170.35 on Tuesday. The company has a market cap of $27.65 billion, a P/E ratio of 63.33, a P/E/G ratio of 4.04 and a beta of 1.10. Fortinet, Inc. has a 52 week low of $70.20 and a 52 week high of $172.41. The company’s 50-day moving average price is $153.39 and its 200 day moving average price is $132.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 4th. The software maker reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.35. Fortinet had a net margin of 18.50% and a return on equity of 48.30%. As a group, analysts predict that Fortinet, Inc. will post 2.33 earnings per share for the current year.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network (WAN) acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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