Larson Financial Group LLC Acquires 172 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Larson Financial Group LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.6% during the fourth quarter, HoldingsChannel reports. The fund owned 10,751 shares of the software maker’s stock after purchasing an additional 172 shares during the quarter. Larson Financial Group LLC’s holdings in Fortinet were worth $1,016,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new stake in shares of Fortinet in the fourth quarter worth $670,000. LVM Capital Management Ltd. MI grew its position in shares of Fortinet by 10.7% in 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 buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the period. Trilogy Capital Inc. raised its position in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. raised its position in shares of Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTNT. Bank of America increased their target price on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Wells Fargo & Company increased their price objective 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. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Wedbush increased their price target on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, Mizuho boosted their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Trading Down 0.4 %

NASDAQ FTNT opened at $101.28 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $102.06 and a 200 day simple moving average of $91.04. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a market capitalization of $77.88 billion, a P/E ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last announced 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%. On average, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the business’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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,120 shares of company stock worth $8,991,409. Insiders own 18.00% of the company’s stock.

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.