Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lifted by AlphaQuest LLC

AlphaQuest LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 180.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,495 shares of the software maker’s stock after purchasing an additional 6,114 shares during the quarter. AlphaQuest LLC’s holdings in Fortinet were worth $897,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at about $26,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter worth about $46,000. Private Trust Co. NA boosted its stake 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 acquiring an additional 307 shares in the last quarter. R Squared Ltd bought a new stake in shares of Fortinet during the 4th quarter worth about $65,000. Finally, Venturi Wealth Management LLC boosted its stake 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 acquiring an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald upped their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 87,120 shares of company stock valued at $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 5.2 %

Shares of FTNT opened at $96.04 on Tuesday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a 50 day simple moving average of $102.08 and a 200-day simple moving average of $91.19. The stock has a market cap of $73.85 billion, a PE ratio of 42.50, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its earnings results 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 return on equity of 256.53% and a net margin of 29.30%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.