New Age Alpha Advisors LLC Makes New $520,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

New Age Alpha Advisors LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 5,508 shares of the software maker’s stock, valued at approximately $520,000.

A number of other institutional investors have also made changes to their positions in the business. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI raised its stake 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 during the last quarter. Trilogy Capital Inc. boosted its holdings in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. grew its position in Fortinet by 129.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after purchasing an additional 169,530 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Fortinet during the 3rd quarter worth about $10,343,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FTNT shares. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Royal Bank of Canada boosted their price objective on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday. Finally, The Goldman Sachs Group increased their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Down 0.4 %

NASDAQ:FTNT opened at $96.26 on Tuesday. The company has a market cap of $74.02 billion, a price-to-earnings ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock’s fifty day moving average price is $103.01 and its two-hundred day moving average price is $93.53. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.