R Squared Ltd Invests $65,000 in Fortinet, Inc. (NASDAQ:FTNT)

R Squared Ltd acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 690 shares of the software maker’s stock, valued at approximately $65,000.

A number of other large investors also recently bought and sold shares of FTNT. Fifth Third Wealth Advisors LLC raised its position 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 worth $646,000 after acquiring an additional 107 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after buying an additional 128 shares during the last quarter. Diversified Trust Co grew its position in shares of Fortinet by 0.6% in the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the last quarter. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $100.88 on Friday. The company has a market capitalization of $77.32 billion, a P/E ratio of 50.95, a P/E/G ratio of 2.61 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $102.87. The business’s 50 day moving average is $96.42 and its two-hundred day moving average is $82.98. 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 released its quarterly 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 firm 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 quarter last year, the company earned $0.35 EPS. Analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FTNT shares. JPMorgan Chase & Co. upped their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Rosenblatt Securities raised their price target on Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley upped their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Finally, TD Cowen lifted their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $96.83.

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.