West Family Investments Inc. Takes $234,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

West Family Investments Inc. purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 2,474 shares of the software maker’s stock, valued at approximately $234,000.

Other large investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in Fortinet in the third quarter worth about $26,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $46,000. Private Trust Co. NA grew its stake in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the last quarter. R Squared Ltd bought a new position in Fortinet during the 4th quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC raised its stake in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. TD Cowen increased their target price on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $103.72.

Fortinet Price Performance

Shares of Fortinet stock opened at $101.28 on Friday. The stock has a market cap of $77.88 billion, a P/E ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock’s fifty day moving average is $101.95 and its 200 day moving average is $90.64. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted 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%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total value of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock valued at $8,991,409 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.