Sheets Smith Wealth Management Has $1 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sheets Smith Wealth Management increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 21.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 10,580 shares of the software maker’s stock after acquiring an additional 1,880 shares during the period. Sheets Smith Wealth Management’s holdings in Fortinet were worth $1,000,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Enclave Advisors LLC raised its holdings in shares of Fortinet by 75.9% in the fourth quarter. Enclave Advisors LLC now owns 16,293 shares of the software maker’s stock valued at $1,539,000 after buying an additional 7,030 shares during the last quarter. Atomi Financial Group Inc. lifted its position in shares of Fortinet by 16.3% during the fourth quarter. Atomi Financial Group Inc. now owns 9,485 shares of the software maker’s stock worth $896,000 after purchasing an additional 1,326 shares in the last quarter. Lmcg Investments LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $3,870,000. Aspiriant LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $227,000. Finally, Crossmark Global Holdings Inc. raised its position in shares of Fortinet by 344.4% during the fourth quarter. Crossmark Global Holdings Inc. now owns 159,737 shares of the software maker’s stock worth $15,092,000 after acquiring an additional 123,790 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Royal Bank of Canada boosted their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Scotiabank increased their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Finally, Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $96.33.

Fortinet Stock Performance

Shares of FTNT stock opened at $97.20 on Wednesday. The stock has a market cap of $74.50 billion, a P/E ratio of 49.09, a P/E/G ratio of 2.49 and a beta of 1.00. The company has a fifty day moving average price of $95.58 and a two-hundred day moving average price of $81.10. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. 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 results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the company posted $0.35 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 1.95 EPS for the current 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.