233,115 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by one8zero8 LLC

one8zero8 LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, Holdings Channel reports. The firm bought 233,115 shares of the software maker’s stock, valued at approximately $22,025,000. Fortinet makes up approximately 4.7% of one8zero8 LLC’s investment portfolio, making the stock its 3rd largest position.

A number of other hedge funds also recently made changes to their positions in FTNT. Golden State Wealth Management LLC purchased a new stake in Fortinet during the fourth quarter valued at approximately $46,000. LFA Lugano Financial Advisors SA raised its position in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA raised its position in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd purchased a new stake in Fortinet during the fourth quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC raised its position in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FTNT. Rosenblatt Securities upped their price objective on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Wedbush upped their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Bank of America upped their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

Shares of FTNT opened at $96.25 on Friday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a fifty day moving average price of $102.17 and a 200-day moving average price of $91.68. 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 firm has a market cap of $74.01 billion, a PE ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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 return on equity of 256.53% and a net margin of 29.30%. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 622,904 shares of company stock worth $61,338,694 in the last 90 days. Insiders own 18.00% of the company’s stock.

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.