Fagan Associates Inc. Buys 1,798 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fagan Associates Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 58,565 shares of the software maker’s stock after buying an additional 1,798 shares during the quarter. Fagan Associates Inc.’s holdings in Fortinet were worth $5,533,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. First Hawaiian Bank bought a new stake in shares of Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI grew its position in shares of Fortinet by 10.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC grew its position in shares of Fortinet by 7.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the last quarter. Trilogy Capital Inc. grew its position in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden grew its position in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was 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 directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 63,610 shares of company stock valued at $6,083,029 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $114.26 on Wednesday. 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, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market capitalization of $87.57 billion, a P/E ratio of 50.56, a PEG ratio of 4.09 and a beta of 1.01. The business has a fifty day moving average of $99.23 and a 200 day moving average of $87.56.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. JPMorgan Chase & Co. raised their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Stifel Nicolaus raised their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Finally, Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.72.

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.