Permanent Capital Management LP Invests $345,000 in Fortinet, Inc. (NASDAQ:FTNT)

Permanent Capital Management LP purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,647 shares of the software maker’s stock, valued at approximately $345,000.

Other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter worth $26,000. Golden State Wealth Management LLC bought a new position in Fortinet in the fourth quarter worth about $46,000. Private Trust Co. NA raised its stake in Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares in the last quarter. R Squared Ltd bought a new position in Fortinet in the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC increased its stake in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $517,076.48. This represents a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom bought 328 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 87,120 shares of company stock worth $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Barclays increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Friday. Mizuho lifted their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, The Goldman Sachs Group lifted their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $101.28 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97. The stock’s 50 day moving average price is $101.95 and its 200 day moving average price is $90.64. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

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, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.