Interchange Capital Partners LLC Takes $460,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Interchange Capital Partners LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,435 shares of the software maker’s stock, valued at approximately $460,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Manchester Capital Management LLC lifted its stake in shares of Fortinet by 13.5% in the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after buying an additional 107 shares during the period. Fielder Capital Group LLC increased its holdings in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC increased its holdings in Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after purchasing an additional 127 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Royal Bank of Canada lifted their price objective on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. 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. Finally, Rosenblatt Securities boosted their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $105.69.

Fortinet Trading Up 0.2 %

Shares of FTNT stock opened at $98.65 on Monday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a fifty day moving average of $102.34 and a two-hundred day moving average of $92.53. The firm has a market capitalization of $75.86 billion, a PE ratio of 43.65, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.