Meeder Advisory Services Inc. Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Meeder Advisory Services Inc. increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,369 shares of the software maker’s stock after acquiring an additional 316 shares during the period. Meeder Advisory Services Inc.’s holdings in Fortinet were worth $1,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Manchester Capital Management LLC lifted its holdings in shares of Fortinet by 13.5% during the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in shares of 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. Fielder Capital Group LLC increased its stake in shares of Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.5 %

Shares of FTNT stock opened at $98.08 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market cap of $75.42 billion, a PE ratio of 43.40, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a 50-day moving average of $102.99 and a two-hundred day moving average of $93.71. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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%. On average, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was 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 owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock valued at $59,094,530 in the last three months. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Cantor Fitzgerald raised their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Rosenblatt Securities boosted their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, UBS Group set a $123.00 price target on shares of Fortinet in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.77.

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.