Allegiance Financial Group Advisory Services LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Allegiance Financial Group Advisory Services LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 4,030 shares of the software maker’s stock, valued at approximately $381,000.

A number of other institutional investors also recently modified their holdings of FTNT. Private Advisor Group LLC lifted its stake in shares of Fortinet by 15.5% during the 3rd quarter. Private Advisor Group LLC now owns 24,234 shares of the software maker’s stock valued at $1,879,000 after buying an additional 3,253 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Fortinet by 8,011.1% in the 3rd quarter. International Assets Investment Management LLC now owns 277,319 shares of the software maker’s stock worth $21,506,000 after purchasing an additional 273,900 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Fortinet by 21.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock worth $1,239,000 after purchasing an additional 2,775 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Fortinet by 37.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 75,323 shares of the software maker’s stock worth $5,841,000 after purchasing an additional 20,368 shares in the last quarter. Finally, J.W. Cole Advisors Inc. lifted its stake in Fortinet by 99.6% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 10,205 shares of the software maker’s stock worth $791,000 after purchasing an additional 5,091 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTNT shares. Susquehanna increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Rosenblatt Securities increased their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company increased their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

Fortinet Trading Up 0.9 %

NASDAQ:FTNT opened at $109.02 on Thursday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $83.56 billion, a price-to-earnings ratio of 48.24, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a 50-day moving average price of $100.85 and a 200-day moving average price of $89.36. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 69,460 shares of company stock valued at $7,063,290 in the last three months. Company insiders own 18.00% of the company’s stock.

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.