QRG Capital Management Inc. Purchases 662 Shares of Fortinet, Inc. (NASDAQ:FTNT)

QRG Capital Management Inc. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,506 shares of the software maker’s stock after acquiring an additional 662 shares during the quarter. QRG Capital Management Inc.’s holdings in Fortinet were worth $3,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC lifted its position in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Fortinet in the 4th quarter worth $46,000. R Squared Ltd bought a new stake in shares of Fortinet in the 4th quarter worth about $65,000. Finally, Venturi Wealth Management LLC raised its position in shares of Fortinet by 30.6% during the 4th 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 in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.9 %

Shares of Fortinet stock opened at $108.01 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The stock has a market cap of $83.06 billion, a price-to-earnings ratio of 47.79, a PEG ratio of 4.19 and a beta of 1.01. The firm’s 50-day moving average is $101.31 and its two-hundred day moving average is $89.87.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of Fortinet 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 transaction, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. The trade was a 78.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 87,120 shares of company stock valued at $8,991,409. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. Rosenblatt Securities lifted their price target on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Citigroup lifted their target price on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. JPMorgan Chase & Co. raised their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the company from $83.00 to $111.00 in a research report on Monday, November 11th. One 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.72.

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.