Advisors Asset Management Inc. Has $2.30 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Advisors Asset Management Inc. boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 24.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 24,380 shares of the software maker’s stock after purchasing an additional 4,800 shares during the period. Advisors Asset Management Inc.’s holdings in Fortinet were worth $2,303,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of FTNT. Manchester Capital Management LLC lifted its position in 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 acquiring an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in Fortinet by 1.6% during the fourth 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 during the last quarter. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% during 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 last quarter. Sheaff Brock Investment Advisors LLC lifted its position in 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 acquiring an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC lifted its position in Fortinet by 3.0% during the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock worth $407,000 after acquiring an additional 127 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. UBS Group set a $123.00 target price on shares of Fortinet in a report on Tuesday. Stifel Nicolaus raised their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.69.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $98.65 on Friday. The firm has a market cap of $75.86 billion, a PE ratio of 43.65, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The firm’s fifty day moving average is $102.34 and its 200-day moving average is $92.42. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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%. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 599,988 shares of company stock worth $59,094,530. Company insiders own 18.00% of the company’s stock.

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.