Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,816 shares of the software maker’s stock after acquiring an additional 383 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Fortinet were worth $6,313,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new stake in shares of Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI lifted its position in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC boosted its stake in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Forsta AP Fonden increased its position in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Finally, Quadrature Capital Ltd bought a new stake in shares of Fortinet in the 3rd quarter worth $10,343,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $105.07 on Thursday. The firm has a market cap of $80.53 billion, a P/E ratio of 53.07, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. The stock’s 50-day moving average is $96.92 and its two-hundred day moving average is $84.07. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $105.12. 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 announced its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (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 firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of several research reports. Scotiabank raised their price objective on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday, January 21st. Barclays raised their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, January 24th. Finally, Wells Fargo & Company boosted their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.73.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

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.