Interchange Capital Partners LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Interchange Capital Partners LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,435 shares of the software maker’s stock, valued at approximately $460,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in Fortinet during the fourth quarter worth about $46,000. Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $56,000. LFA Lugano Financial Advisors SA increased its stake in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares during the period. Private Trust Co. NA increased its stake in shares of Fortinet by 95.0% during 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 during the period. Finally, R Squared Ltd purchased a new stake in shares of Fortinet during the fourth quarter worth approximately $65,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.2 %

FTNT opened at $98.65 on Monday. 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 firm has a market cap of $75.86 billion, a P/E ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business’s fifty day simple moving average is $102.34 and its 200 day simple moving average is $92.53.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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%. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last quarter. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Robert W. Baird restated a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Jefferies Financial Group upped their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Cantor Fitzgerald upped their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. One equities research 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $105.69.

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.