Enclave Advisors LLC Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Enclave Advisors LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 75.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,293 shares of the software maker’s stock after buying an additional 7,030 shares during the period. Enclave Advisors LLC’s holdings in Fortinet were worth $1,539,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of FTNT. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC purchased a new position in Fortinet in the third quarter valued at about $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank lifted its position in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at about $46,000. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 3.2 %

Shares of FTNT stock opened at $97.20 on Wednesday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The firm has a market capitalization of $74.50 billion, a P/E ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00. The stock’s fifty day moving average is $95.58 and its two-hundred day moving average is $81.10. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the previous year, the business posted $0.35 earnings per share. Research analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. BMO Capital Markets increased their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Citigroup boosted their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Morgan Stanley increased their price target on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Truist Financial restated a “buy” rating and set a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $96.33.

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.