Personal CFO Solutions LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Personal CFO Solutions LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 2,902 shares of the software maker’s stock, valued at approximately $274,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the 3rd quarter worth approximately $26,000. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter worth approximately $46,000. Private Trust Co. NA lifted its holdings in 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 purchasing an additional 307 shares during the last quarter. R Squared Ltd acquired a new stake in Fortinet in the 4th quarter worth approximately $65,000. Finally, Venturi Wealth Management LLC lifted its holdings in Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $96.04 on Tuesday. The business’s fifty day moving average price is $102.08 and its two-hundred day moving average price is $91.19. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a market capitalization of $73.85 billion, a price-to-earnings ratio of 42.50, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. 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 (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FTNT shares. Morgan Stanley boosted their target price on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Cantor Fitzgerald upped their price target on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Finally, Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $103.72.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 87,120 shares of company stock worth $8,991,409. 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.