NewSquare Capital LLC Takes $59,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

NewSquare Capital LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,000 shares of the software maker’s stock, valued at approximately $59,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Cito Capital Group LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $660,000. Vontobel Holding Ltd. lifted its position in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after acquiring an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after acquiring an additional 38,751 shares in the last quarter. Alamar Capital Management LLC grew its holdings in shares of Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after purchasing an additional 7,110 shares during the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in shares of Fortinet during the fourth quarter worth about $1,487,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. In the last three months, insiders have sold 132,139 shares of company stock valued at $8,977,876. Insiders own 17.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FTNT shares. Royal Bank of Canada raised their price target on Fortinet from $60.00 to $71.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 7th. Stifel Nicolaus lifted their target price on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Morgan Stanley increased their price target on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Scotiabank lifted their price objective on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Wednesday, February 7th. Finally, Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and upped their target price for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Price Performance

Shares of FTNT traded up $0.43 on Wednesday, reaching $65.23. The stock had a trading volume of 1,530,787 shares, compared to its average volume of 5,795,067. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The firm has a market capitalization of $49.77 billion, a PE ratio of 44.69, a PEG ratio of 2.83 and a beta of 1.08. The firm has a 50-day moving average of $68.28 and a 200 day moving average of $61.67. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

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

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.