Ballentine Partners LLC Purchases 156 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ballentine Partners LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,706 shares of the software maker’s stock after acquiring an additional 156 shares during the quarter. Ballentine Partners LLC’s holdings in Fortinet were worth $728,000 at the end of the most recent quarter.

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

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FTNT shares. Jefferies Financial Group boosted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a report on Thursday, December 19th. Finally, BMO Capital Markets raised their price target on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $96.33.

Fortinet Stock Performance

NASDAQ:FTNT opened at $98.24 on Thursday. 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, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The firm has a market cap of $75.30 billion, a PE ratio of 49.62, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. The business has a 50 day moving average price of $95.59 and a 200-day moving average price of $81.22.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the prior year, the company posted $0.35 EPS. Equities research analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.