Runnymede Capital Advisors Inc. Invests $56,000 in Fortinet, Inc. (NASDAQ:FTNT)

Runnymede Capital Advisors Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 598 shares of the software maker’s stock, valued at approximately $56,000.

Other large investors also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth about $46,000. LFA Lugano Financial Advisors SA lifted its position in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the last quarter. Private Trust Co. NA lifted its position in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. R Squared Ltd acquired a new position in shares of Fortinet during the 4th quarter worth about $65,000. Finally, Venturi Wealth Management LLC lifted its position in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value 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 $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. In the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.2 %

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. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock’s 50 day simple moving average is $102.34 and its 200 day simple moving average is $92.42. 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 announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Robert W. Baird reissued a “neutral” rating and set a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Citigroup upped their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $105.69.

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.