Moody Lynn & Lieberson LLC Invests $3.25 Million in Fortinet, Inc. (NASDAQ:FTNT)

Moody Lynn & Lieberson LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 34,412 shares of the software maker’s stock, valued at approximately $3,251,000.

A number of other institutional investors have also recently bought and sold shares of FTNT. Eastern Bank purchased a new position in shares of Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC raised its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its holdings in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet in the third quarter worth $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.6 %

Shares of FTNT stock opened at $96.90 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. 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 firm has a market cap of $74.27 billion, a PE ratio of 48.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The stock has a 50 day moving average of $95.70 and a 200-day moving average of $81.74.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. The firm 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 in the prior year, the company earned $0.35 EPS. On average, equities analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FTNT shares. UBS Group upped their price target on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Mizuho increased their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Finally, Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $100.00 to $120.00 in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $96.83.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet 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 owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. Company insiders own 18.00% of the company’s stock.

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.