Allegiance Financial Group Advisory Services LLC Invests $381,000 in Fortinet, Inc. (NASDAQ:FTNT)

Allegiance Financial Group Advisory Services LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,030 shares of the software maker’s stock, valued at approximately $381,000.

Several other hedge funds also recently made changes to their positions in FTNT. Private Advisor Group LLC increased its holdings in shares of Fortinet by 15.5% during the third quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock worth $1,879,000 after purchasing an additional 3,253 shares during the period. International Assets Investment Management LLC increased its stake in Fortinet by 8,011.1% in the third quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock valued at $21,506,000 after acquiring an additional 273,900 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Fortinet by 21.0% in the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after acquiring an additional 2,775 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Fortinet by 37.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock valued at $5,841,000 after acquiring an additional 20,368 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in Fortinet by 99.6% in the third quarter. J.W. Cole Advisors Inc. now owns 10,205 shares of the software maker’s stock valued at $791,000 after acquiring an additional 5,091 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FTNT shares. Bank of America lifted their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a report on Thursday, December 19th. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Mizuho boosted their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Trading Up 0.9 %

Shares of FTNT stock opened at $109.02 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50-day simple moving average of $100.85 and a two-hundred day simple moving average of $89.36. The company has a market capitalization of $83.56 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 4.19 and a beta of 1.01.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were 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. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction 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 completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $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 69,460 shares of company stock worth $7,063,290 over the last three months. 18.00% of the stock is currently owned by insiders.

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.