Access Financial Services Inc. Purchases Shares of 21,281 Fortinet, Inc. (NASDAQ:FTNT)

Access Financial Services Inc. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 21,281 shares of the software maker’s stock, valued at approximately $1,246,000.

Several other hedge funds have also bought and sold shares of the stock. Alliancebernstein L.P. grew its holdings in Fortinet by 2.1% during the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after purchasing an additional 595,952 shares during the period. State Street Corp boosted its stake in shares of Fortinet by 2.5% in the second quarter. State Street Corp now owns 26,042,793 shares of the software maker’s stock worth $1,968,575,000 after acquiring an additional 647,200 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fortinet by 1.0% in the first quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock worth $1,007,182,000 after acquiring an additional 147,048 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in shares of Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after acquiring an additional 14,586,086 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. Stifel Nicolaus upped their price objective on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. BMO Capital Markets boosted their target price on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Truist Financial boosted their target price on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group boosted their target price on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 8th. Finally, Susquehanna boosted their target price on Fortinet from $55.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $71.55.

Fortinet Stock Up 1.5 %

Shares of NASDAQ FTNT opened at $68.31 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $52.12 billion, a PE ratio of 47.11, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08. The stock’s fifty day simple moving average is $68.12 and its two-hundred day simple moving average is $60.76. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. As a group, analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the sale, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 154,880 shares of company stock valued at $10,233,981. 17.54% of the stock is currently owned by corporate insiders.

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.