MONECO Advisors LLC Buys 510 Shares of Fortinet, Inc. (NASDAQ:FTNT)

MONECO Advisors LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,728 shares of the software maker’s stock after buying an additional 510 shares during the period. MONECO Advisors LLC’s holdings in Fortinet were worth $541,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Manchester Capital Management LLC grew its position in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its position in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after buying an additional 114 shares in the last quarter. Versant Capital Management Inc grew its position in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after buying an additional 128 shares in the last quarter. Finally, Diversified Trust Co grew its position in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 69,460 shares of company stock worth $7,063,290. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FTNT shares. JPMorgan Chase & Co. lifted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Rosenblatt Securities lifted their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.72.

Fortinet Stock Performance

Shares of Fortinet stock opened at $108.69 on Tuesday. The firm has a fifty day moving average of $100.33 and a two-hundred day moving average of $88.95. The stock has a market capitalization of $83.31 billion, a price-to-earnings ratio of 48.09, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS 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 256.53%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS 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.