812 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Sierra Ocean LLC

Sierra Ocean LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 812 shares of the software maker’s stock, valued at approximately $77,000.

Other hedge funds have also recently modified their holdings of the company. Bleakley Financial Group LLC boosted its stake in shares of Fortinet by 4.8% during the 3rd quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after purchasing an additional 399 shares in the last quarter. Claro Advisors LLC bought a new stake in Fortinet during the third quarter worth about $162,000. Stratos Wealth Advisors LLC boosted its stake in Fortinet by 15.7% during the third quarter. Stratos Wealth Advisors LLC now owns 23,880 shares of the software maker’s stock worth $1,852,000 after acquiring an additional 3,233 shares in the last quarter. Blue Trust Inc. boosted its stake in Fortinet by 62.9% during the third quarter. Blue Trust Inc. now owns 14,123 shares of the software maker’s stock worth $1,095,000 after acquiring an additional 5,451 shares in the last quarter. Finally, Compass Ion Advisors LLC bought a new stake in Fortinet during the third quarter worth about $293,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FTNT. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Bank of America upped their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company boosted their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of FTNT opened at $111.64 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap 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. The company’s 50 day simple moving average is $98.89 and its 200-day simple moving average is $87.15. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $112.37.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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%. As a group, equities analysts predict that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,610 shares of company stock worth $6,083,029 in the last three months. Insiders own 18.00% of the company’s stock.

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.