Soltis Investment Advisors LLC Makes New $207,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Soltis Investment Advisors LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel reports. The fund bought 2,193 shares of the software maker’s stock, valued at approximately $207,000.

Other hedge funds have also modified their holdings of the company. First Hawaiian Bank acquired a new stake in Fortinet in the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI grew its holdings in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC increased 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 worth $1,186,000 after buying an additional 1,081 shares during the period. Trilogy Capital Inc. increased its stake in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the period. Finally, Forsta AP Fonden lifted its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 1.1 %

Shares of NASDAQ:FTNT opened at $108.33 on Wednesday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $110.99. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $83.03 billion, a PE ratio of 47.93, a P/E/G ratio of 2.75 and a beta of 1.01. The company’s 50-day moving average price is $97.93 and its 200 day moving average price is $85.67.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. lifted their price objective on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $102.77.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,044 shares of the business’s 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 sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred 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 $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

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.