Fox Run Management L.L.C. Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Fox Run Management L.L.C. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,369 shares of the software maker’s stock after purchasing an additional 521 shares during the period. Fox Run Management L.L.C.’s holdings in Fortinet were worth $318,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FTNT. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the 4th quarter valued at about $46,000. Runnymede Capital Advisors Inc. bought a new position in shares of Fortinet in the fourth quarter worth approximately $56,000. LFA Lugano Financial Advisors SA increased its stake in shares of Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA raised its position in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the period. Finally, R Squared Ltd purchased a new stake in Fortinet in the 4th quarter worth $65,000. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the 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 transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % 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 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. 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 research report on Friday, February 7th. Susquehanna increased their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Mizuho upped their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Performance

Shares of FTNT stock opened at $101.01 on Thursday. 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 fifty day moving average of $102.81 and a 200 day moving average of $92.95. The firm has a market capitalization of $77.67 billion, a price-to-earnings ratio of 44.69, a price-to-earnings-growth 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.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Fortinet Company 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.