Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Baltimore Washington Financial Advisors Inc.

Baltimore Washington Financial Advisors Inc. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,047 shares of the software maker’s stock after buying an additional 6,917 shares during the period. Baltimore Washington Financial Advisors Inc.’s holdings in Fortinet were worth $6,240,000 as of its most recent SEC filing.

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

Fortinet Trading Up 0.0 %

Fortinet stock opened at $100.90 on Tuesday. The company has a 50 day moving average price of $96.57 and a 200 day moving average price of $83.61. The firm has a market capitalization of $77.34 billion, a price-to-earnings ratio of 50.96, a P/E/G ratio of 2.65 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $102.87. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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

Insider Buying and Selling at Fortinet

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

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. Bank of America raised their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Scotiabank raised their price target on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald raised their price target on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group raised their price target on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $97.23.

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.