PAX Financial Group LLC Purchases 988 Shares of Fortinet, Inc. (NASDAQ:FTNT)

PAX Financial Group LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 44,639 shares of the software maker’s stock after buying an additional 988 shares during the quarter. PAX Financial Group LLC’s holdings in Fortinet were worth $4,217,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. Norges Bank bought a new position in shares of Fortinet in the 4th quarter worth about $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet during the fourth quarter valued at approximately $389,867,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Amundi boosted its position in shares of Fortinet by 36.7% in the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after buying an additional 1,682,708 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FTNT shares. UBS Group set a $123.00 price target on Fortinet in a report on Tuesday, March 18th. Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Stifel Nicolaus boosted their target price on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald raised their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $105.77.

Fortinet Stock Performance

NASDAQ FTNT opened at $89.44 on Friday. The business has a 50-day moving average price of $102.83 and a 200-day moving average price of $93.68. The firm has a market cap of $68.78 billion, a price-to-earnings ratio of 39.58, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. 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 released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (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 research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.