Ballentine Partners LLC Purchases 156 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ballentine Partners LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 7,706 shares of the software maker’s stock after buying an additional 156 shares during the quarter. Ballentine Partners LLC’s holdings in Fortinet were worth $728,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC increased its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the last quarter. Versant Capital Management Inc grew its position in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares in the last quarter. Diversified Trust Co increased its holdings in shares of Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares during the last quarter. Eagle Capital Management LLC lifted its position in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after buying an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Rosenblatt Securities upped their target price on shares of Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, BMO Capital Markets increased their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $96.33.

Insider Transactions at Fortinet

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

Fortinet Trading Up 1.1 %

FTNT opened at $98.24 on Thursday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a market capitalization of $75.30 billion, a P/E ratio of 49.62, a PEG ratio of 2.49 and a beta of 1.00. The stock’s fifty day moving average is $95.59 and its two-hundred day moving average is $81.22. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.48 billion. During the same period in the previous year, the company posted $0.35 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.95 earnings per share 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.