5,591 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by AssuredPartners Investment Advisors LLC

AssuredPartners Investment Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,591 shares of the software maker’s stock, valued at approximately $528,000.

Several other large investors have also recently added to or reduced their stakes in FTNT. Manchester Capital Management LLC grew its stake in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares during the period. Fielder Capital Group LLC grew its position in shares of Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in shares of Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the period. Finally, Truvestments Capital LLC raised its position in shares of Fortinet by 3.0% in the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after buying an additional 127 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $99.54 on Friday. The company has a market capitalization of $76.54 billion, a PE ratio of 44.04, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a 50 day simple moving average of $102.92 and a two-hundred day simple moving average of $92.99.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. Cantor Fitzgerald increased their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Wells Fargo & Company raised their price target on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Stifel Nicolaus upped their price objective on shares of Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Mizuho upped their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. 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 stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $105.69.

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.