21,281 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Access Financial Services Inc.

Access Financial Services Inc. bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,281 shares of the software maker’s stock, valued at approximately $1,246,000.

A number of other hedge funds also recently made changes to their positions in FTNT. Penserra Capital Management LLC boosted its position in shares of Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares in the last quarter. Evergreen Capital Management LLC boosted its position in shares of Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC boosted its position in shares of Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd boosted its position in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC raised its stake in Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after acquiring an additional 66 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $68.31 on Friday. The business’s fifty day moving average price is $68.12 and its 200 day moving average price is $60.76. The firm has a market capitalization of $52.12 billion, a PE ratio of 47.11, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 earnings per share. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. Susquehanna lifted their price objective on Fortinet from $55.00 to $80.00 and gave the company a “neutral” rating in a research note on Wednesday, February 7th. Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Truist Financial boosted their price objective on Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Morgan Stanley boosted their price objective on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Finally, The Goldman Sachs Group boosted their price objective on Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $71.55.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total transaction of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the transaction, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 154,880 shares of company stock valued at $10,233,981. 17.54% of the stock is currently owned by insiders.

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.