Manchester Capital Management LLC Buys 100 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Manchester Capital Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 13.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 843 shares of the software maker’s stock after acquiring an additional 100 shares during the quarter. Manchester Capital Management LLC’s holdings in Fortinet were worth $80,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter valued at approximately $670,000. LVM Capital Management Ltd. MI lifted its stake in Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Trilogy Capital Inc. lifted its stake in Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden lifted its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Citigroup upped their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Truist Financial restated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Finally, Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Stock Performance

NASDAQ FTNT opened at $111.64 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37. The company has a 50-day simple moving average of $98.60 and a 200 day simple moving average of $86.57. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $85.57 billion, a PE ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted 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 463.85%. On average, research analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

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.