Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,596 shares of the software maker’s stock after buying an additional 173 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Fortinet were worth $623,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter valued at approximately $26,000. Private Wealth Management Group LLC increased its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in Fortinet in the 4th quarter valued at $46,000. R Squared Ltd purchased a new position in Fortinet in the 4th quarter valued at $65,000. Finally, Venturi Wealth Management LLC boosted its stake in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Jefferies Financial Group raised their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Wedbush boosted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. TD Cowen raised their price objective on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Citigroup boosted their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $103.72.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was 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 directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,120 shares of company stock worth $8,991,409. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $107.09 on Friday. The firm has a market capitalization of $82.08 billion, a PE ratio of 47.39, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm’s fifty day simple moving average is $101.09 and its 200 day simple moving average is $89.48.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.