Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by IFP Advisors Inc

IFP Advisors Inc boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,832 shares of the software maker’s stock after buying an additional 11,625 shares during the quarter. IFP Advisors Inc’s holdings in Fortinet were worth $5,653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Asset Advisors Investment Management LLC acquired a new position in Fortinet during the fourth quarter worth about $651,000. Mainstay Capital Management LLC ADV grew its position in Fortinet by 2.4% during the fourth quarter. Mainstay Capital Management LLC ADV now owns 8,216 shares of the software maker’s stock worth $776,000 after buying an additional 195 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $2,449,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of 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 purchasing an additional 9,000 shares during the last quarter. Finally, MONECO Advisors LLC grew its position in shares of Fortinet by 9.8% in the fourth quarter. MONECO Advisors LLC now owns 5,728 shares of the software maker’s stock valued at $541,000 after purchasing an additional 510 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FTNT shares. Royal Bank of Canada increased their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Stifel Nicolaus increased their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. Wells Fargo & Company increased their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Barclays increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $103.72.

Insider Activity

In related news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,110 shares of company stock valued at $8,751,689. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $110.02 on Monday. The company’s fifty day simple moving average is $100.12 and its 200-day simple moving average is $88.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $84.32 billion, a PE ratio of 48.68, a P/E/G ratio of 4.19 and a beta of 1.01.

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

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.