Trek Financial LLC Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Trek Financial LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 39,366 shares of the software maker’s stock, valued at approximately $3,719,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FTNT. Manchester Capital Management LLC grew its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares in the last quarter. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC boosted its stake 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 acquiring an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock worth $902,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. Citigroup lifted their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Cantor Fitzgerald increased their target price on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $105.77.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $84.71 on Friday. The company has a market capitalization of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm’s 50 day simple moving average is $102.59 and its two-hundred day simple moving average is $93.87. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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%. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.