Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Enclave Advisors LLC

Enclave Advisors LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 75.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,293 shares of the software maker’s stock after purchasing an additional 7,030 shares during the quarter. Enclave Advisors LLC’s holdings in Fortinet were worth $1,539,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. FMR LLC lifted its position in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Fortinet by 89.7% in the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after purchasing an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after purchasing an additional 1,199,241 shares in the last quarter. Finally, State Street Corp increased its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of Fortinet stock opened at $97.20 on Wednesday. The firm’s fifty day simple moving average is $95.58 and its 200-day simple moving average is $81.10. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The stock has a market capitalization of $74.50 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business posted $0.35 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of 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 ownership of the stock. The transaction 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 company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. The Goldman Sachs Group raised their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research report on Thursday, January 2nd. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Stifel Nicolaus lifted their price objective on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.33.

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.