Geneos Wealth Management Inc. Has $4.91 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Geneos Wealth Management Inc. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,009 shares of the software maker’s stock after purchasing an additional 9,407 shares during the period. Geneos Wealth Management Inc.’s holdings in Fortinet were worth $4,914,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. FMR LLC lifted its position in Fortinet by 276.3% during the 3rd 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 period. Los Angeles Capital Management LLC lifted its holdings in Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp lifted its holdings in Fortinet by 2.9% in the third 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 period. Worldquant Millennium Advisors LLC boosted its stake in Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after acquiring an additional 724,887 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after acquiring an additional 558,807 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Cantor Fitzgerald raised their price target on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Truist Financial restated a “buy” rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Citigroup lifted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Robert W. Baird upped their target price on shares of Fortinet from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given 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 $96.83.

Fortinet Stock Down 0.6 %

FTNT stock opened at $96.90 on Friday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a market cap of $74.27 billion, a price-to-earnings ratio of 48.94, a P/E/G ratio of 2.58 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $95.70 and a two-hundred day moving average price of $81.59.

Fortinet (NASDAQ:FTNT) last released its earnings results 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. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the business earned $0.35 earnings per share. Analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal 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.