Convergence Investment Partners LLC Takes $2.21 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Convergence Investment Partners LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 23,371 shares of the software maker’s stock, valued at approximately $2,208,000.

Several other institutional investors also recently bought and sold shares of FTNT. Eastern Bank purchased a new position in Fortinet during the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC raised its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. Finally, R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT opened at $114.26 on Wednesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $87.57 billion, a P/E ratio of 50.56, a P/E/G ratio of 4.09 and a beta of 1.01. The stock’s fifty day moving average is $99.23 and its two-hundred day moving average is $87.56.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. 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 issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase 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, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now 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 disclosure for this sale can be found here. Insiders have sold 63,610 shares of company stock worth $6,083,029 over the last quarter. 18.00% of the stock is currently owned by company insiders.

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.