Synergy Asset Management LLC Invests $269,000 in Fortinet, Inc. (NASDAQ:FTNT)

Synergy Asset Management LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,834 shares of the software maker’s stock, valued at approximately $269,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Gries Financial LLC increased its holdings in Fortinet by 19.2% in the 4th quarter. Gries Financial LLC now owns 4,600 shares of the software maker’s stock valued at $435,000 after buying an additional 742 shares during the period. Milestone Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at about $1,690,000. Kaufman Rossin Wealth LLC bought a new stake in Fortinet in the fourth quarter valued at about $221,000. Strategic Blueprint LLC bought a new position in Fortinet during the fourth quarter worth about $214,000. Finally, Forsta AP Fonden boosted its holdings in Fortinet by 0.4% during the fourth quarter. Forsta AP Fonden now owns 136,000 shares of the software maker’s stock valued at $12,849,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $100.93 on Friday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $102.17. The company’s 50 day moving average price is $96.25 and its two-hundred day moving average price is $82.69. The firm has a market cap of $77.36 billion, a PE ratio of 50.97, a PEG ratio of 2.58 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the prior year, the firm posted $0.35 EPS. Equities research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $96.83.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by company insiders.

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.