New Age Alpha Advisors LLC Buys Shares of 5,508 Fortinet, Inc. (NASDAQ:FTNT)

New Age Alpha Advisors LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,508 shares of the software maker’s stock, valued at approximately $520,000.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after buying an additional 730,994 shares in the last quarter. State Street Corp boosted its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after acquiring an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after acquiring an additional 354,692 shares during the period. Norges Bank bought a new stake in Fortinet during the fourth quarter worth approximately $724,048,000. Finally, Amundi lifted its position in Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Cantor Fitzgerald boosted their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Jefferies Financial Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a report on Monday. Wells Fargo & Company raised their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Susquehanna boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $96.26 on Tuesday. The firm has a market cap of $74.02 billion, a price-to-earnings ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. 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 business has a fifty day simple moving average of $103.01 and a 200 day simple moving average of $93.53.

Fortinet (NASDAQ:FTNT) last posted its quarterly 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 return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.