Davidson Capital Management Inc. Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Davidson Capital Management Inc. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,681 shares of the software maker’s stock after buying an additional 1,467 shares during the quarter. Fortinet comprises 1.1% of Davidson Capital Management Inc.’s portfolio, making the stock its 14th largest position. Davidson Capital Management Inc.’s holdings in Fortinet were worth $4,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. First Hawaiian Bank bought a new stake in shares of Fortinet during the 4th quarter valued at $670,000. LVM Capital Management Ltd. MI lifted its position in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares during the period. Apollon Wealth Management LLC boosted its stake in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Trilogy Capital Inc. grew its holdings in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Finally, Forsta AP Fonden increased its stake in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Bank of America raised their price objective on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.77.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents 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 valued at $6,469,056 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 1.1 %

Shares of Fortinet stock opened at $108.33 on Wednesday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The company’s fifty day simple moving average is $97.93 and its 200-day simple moving average is $85.67. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $83.03 billion, a PE ratio of 47.93, a P/E/G ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current 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.