Raleigh Capital Management Inc. Has $147,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Raleigh Capital Management Inc. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 63.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,554 shares of the software maker’s stock after buying an additional 604 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Fortinet were worth $147,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC grew its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the period. Versant Capital Management Inc raised its position in shares of Fortinet by 13.1% in the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co boosted its stake in Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC grew its holdings in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC increased its stake in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FTNT. Stifel Nicolaus lifted their price target on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Scotiabank boosted their target price on Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Cantor Fitzgerald increased their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $96.83.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s 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 sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.45 on Friday. The firm’s fifty day moving average price is $95.65 and its two-hundred day moving average price is $81.33. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The firm has a market capitalization of $74.69 billion, a P/E ratio of 49.22, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $1.51 billion for 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 firm earned $0.35 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Fortinet Company 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.