Peloton Wealth Strategists Has $400,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Peloton Wealth Strategists raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,230 shares of the software maker’s stock after buying an additional 1,155 shares during the period. Peloton Wealth Strategists’ holdings in Fortinet were worth $400,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. State Street Corp boosted its stake in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Fortinet by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock worth $448,854,000 after buying an additional 542,727 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker’s stock worth $296,075,000 after buying an additional 68,852 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 1.8 %

Fortinet stock opened at $107.09 on Friday. The stock has a market cap of $82.08 billion, a P/E ratio of 47.39, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm’s fifty day moving average price is $101.09 and its 200-day moving average price is $89.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. The Goldman Sachs Group boosted their target price on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Finally, TD Cowen upped their price objective on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $103.72.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the company’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 $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 87,120 shares of company stock valued at $8,991,409 over the last 90 days. 18.00% of the stock is 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.