V Square Quantitative Management LLC Acquires 1,689 Shares of Fortinet, Inc. (NASDAQ:FTNT)

V Square Quantitative Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 13.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,168 shares of the software maker’s stock after acquiring an additional 1,689 shares during the quarter. V Square Quantitative Management LLC’s holdings in Fortinet were worth $1,339,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FTNT. SeaCrest Wealth Management LLC acquired a new position in Fortinet during the 3rd quarter worth approximately $329,000. nVerses Capital LLC acquired a new position in shares of Fortinet during the third quarter worth $1,000,000. Bleakley Financial Group LLC lifted its stake in shares of Fortinet by 4.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after acquiring an additional 399 shares during the last quarter. Marshall Financial Group LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at $205,000. Finally, TruWealth Advisors LLC grew its position in Fortinet by 6.0% during the 3rd quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker’s stock worth $665,000 after acquiring an additional 487 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on FTNT shares. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Rosenblatt Securities raised their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Jefferies Financial Group upped their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. UBS Group raised their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $112.00 price target (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Up 2.1 %

Fortinet stock opened at $109.98 on Friday. The firm has a market capitalization of $84.29 billion, a price-to-earnings ratio of 48.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The firm’s fifty day moving average price is $98.35 and its two-hundred day moving average price is $85.99. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly 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 net margin of 29.30% and a return on equity of 463.85%. On average, equities research analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were 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 in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This trade 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 over the last 90 days. Insiders own 18.00% of the company’s stock.

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.