LFA Lugano Financial Advisors SA Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

LFA Lugano Financial Advisors SA increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 445.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 600 shares of the software maker’s stock after buying an additional 490 shares during the period. LFA Lugano Financial Advisors SA’s holdings in Fortinet were worth $57,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Assetmark Inc. raised its stake in Fortinet by 3.8% during the third quarter. Assetmark Inc. now owns 12,232 shares of the software maker’s stock worth $949,000 after purchasing an additional 448 shares during the period. Sigma Planning Corp grew its holdings in shares of Fortinet by 19.4% during the 3rd quarter. Sigma Planning Corp now owns 8,034 shares of the software maker’s stock worth $623,000 after purchasing an additional 1,306 shares during the period. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Catalytic Wealth RIA LLC purchased a new position in Fortinet in the third quarter valued at approximately $202,000. Finally, Apollon Wealth Management LLC lifted its position in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $97.93 on Thursday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average is $102.22 and its 200-day moving average is $91.41. The stock has a market cap of $75.31 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Truist Financial reissued a “buy” rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. JPMorgan Chase & Co. lifted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Wells Fargo & Company upped their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Royal Bank of Canada boosted their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. One equities research 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $537,820.16. The trade was 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 available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 622,904 shares of company stock valued at $61,338,694. 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.