8,842 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Prasad Wealth Partners LLC

Prasad Wealth Partners LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,842 shares of the software maker’s stock, valued at approximately $835,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. IFP Advisors Inc raised its stake in Fortinet by 24.1% in the fourth quarter. IFP Advisors Inc now owns 59,832 shares of the software maker’s stock valued at $5,653,000 after buying an additional 11,625 shares during the last quarter. Asset Advisors Investment Management LLC purchased a new stake in Fortinet in the fourth quarter valued at about $651,000. Mainstay Capital Management LLC ADV raised its stake in Fortinet by 2.4% in the fourth quarter. Mainstay Capital Management LLC ADV now owns 8,216 shares of the software maker’s stock valued at $776,000 after buying an additional 195 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Fortinet in the fourth quarter valued at about $2,449,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Fortinet by 7.0% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 137,180 shares of the software maker’s stock valued at $12,961,000 after buying an additional 9,000 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 69,460 shares of company stock valued at $7,063,290 over the last ninety days. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Stifel Nicolaus raised their price objective on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Bank of America raised their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $108.69 on Tuesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business’s 50 day moving average price is $100.33 and its 200-day moving average price is $88.95. The firm has a market capitalization of $83.31 billion, a PE ratio of 48.09, a P/E/G ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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, 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, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.