Marietta Investment Partners LLC Acquires Shares of 2,270 Fortinet, Inc. (NASDAQ:FTNT)

Marietta Investment Partners LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,270 shares of the software maker’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $46,000. Runnymede Capital Advisors Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA boosted its holdings in shares of Fortinet by 445.5% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at about $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on FTNT shares. Robert W. Baird reaffirmed a “neutral” rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a report on Monday, February 3rd. Scotiabank boosted their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. UBS Group set a $123.00 price objective on shares of Fortinet in a report on Tuesday. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Finally, Citigroup boosted their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $105.69.

Fortinet Stock Performance

Shares of FTNT stock opened at $98.65 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. 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 company has a 50 day moving average price of $102.34 and a 200 day moving average price of $92.31. The firm has a market capitalization of $75.86 billion, a price-to-earnings ratio of 43.65, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last ninety days. 18.00% of the stock is owned by company 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.