Tucker Asset Management LLC Has $303,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Tucker Asset Management LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 32,010.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,211 shares of the software maker’s stock after purchasing an additional 3,201 shares during the quarter. Tucker Asset Management LLC’s holdings in Fortinet were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FTNT. Intrust Bank NA acquired a new position in shares of Fortinet during the fourth quarter worth approximately $237,000. OneAscent Wealth Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth about $374,000. Allstate Corp acquired a new stake in shares of Fortinet in the 4th quarter worth about $1,820,000. Brown Brothers Harriman & Co. lifted its position in Fortinet by 16.0% in the 4th quarter. Brown Brothers Harriman & Co. now owns 4,428 shares of the software maker’s stock valued at $418,000 after acquiring an additional 612 shares in the last quarter. Finally, DnB Asset Management AS boosted its stake in Fortinet by 4.6% during the 4th quarter. DnB Asset Management AS now owns 118,029 shares of the software maker’s stock valued at $11,151,000 after purchasing an additional 5,157 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 3.0 %

FTNT opened at $96.60 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a 50-day moving average of $102.97 and a two-hundred day moving average of $93.14. The stock has a market capitalization of $74.28 billion, a price-to-earnings ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler restated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, March 21st. Finally, Susquehanna lifted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $105.69.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on 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 owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by corporate insiders.

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.