Lake Street Advisors Group LLC Purchases 173 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Lake Street Advisors Group LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.7% during the 4th quarter, HoldingsChannel reports. The fund owned 6,596 shares of the software maker’s stock after buying an additional 173 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Fortinet were worth $623,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after purchasing an additional 1,682,708 shares in the last quarter. State Street Corp increased its stake in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC lifted its position in Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after buying an additional 724,887 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its stake in shares of Fortinet by 1,084.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock worth $62,103,000 after buying an additional 601,801 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $107.09 on Friday. The firm has a 50-day moving average price of $101.09 and a two-hundred day moving average price of $89.48. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a market capitalization of $82.08 billion, a P/E ratio of 47.39, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

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%. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Wells Fargo & Company upped their price objective on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. 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 research note on Tuesday, November 19th. One equities research 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 stock presently has a consensus rating of “Hold” and an average price target of $103.72.

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.