PFG Investments LLC Buys Shares of 2,206 Fortinet, Inc. (NASDAQ:FTNT)

PFG Investments LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,206 shares of the software maker’s stock, valued at approximately $208,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Eastern Bank acquired a new stake in Fortinet during the third quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its holdings in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank boosted its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in Fortinet during the 3rd quarter worth $46,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 0.0 %

NASDAQ:FTNT opened at $100.88 on Friday. The stock has a fifty day simple moving average of $96.42 and a 200 day simple moving average of $83.14. The firm has a market capitalization of $77.32 billion, a price-to-earnings ratio of 50.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $102.87. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $0.35 earnings per share. Sell-side analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last three months. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. Bank of America boosted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $100.00 to $120.00 in a report on Monday, January 6th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Finally, Stifel Nicolaus lifted their target price on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $96.83.

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.