598 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Runnymede Capital Advisors Inc.

Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 598 shares of the software maker’s stock, valued at approximately $56,000.

Several other hedge funds have also added to or reduced their stakes in FTNT. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at about $46,000. LFA Lugano Financial Advisors SA raised its stake in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA raised 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 valued at $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd acquired a new stake in shares of Fortinet in the 4th quarter valued at about $65,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on FTNT shares. Wells Fargo & Company lifted their price target on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Scotiabank raised their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $105.69.

Fortinet Stock Up 0.2 %

NASDAQ FTNT opened at $98.65 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a 50 day moving average of $102.34 and a 200-day moving average of $92.42. The company has a market cap of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released 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 net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, 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 three months. Corporate insiders own 18.00% of the company’s stock.

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.