Terra Nova Asset Management LLC Acquires 200 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Terra Nova Asset Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,634 shares of the software maker’s stock after acquiring an additional 200 shares during the period. Terra Nova Asset Management LLC’s holdings in Fortinet were worth $1,099,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. First Hawaiian Bank bought a new stake in shares of Fortinet during the fourth quarter worth $670,000. LVM Capital Management Ltd. MI lifted its holdings in Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC boosted its position in Fortinet by 7.6% in the 3rd 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 during the period. Forsta AP Fonden grew its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Fortinet during the third quarter worth approximately $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Wedbush increased their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group increased their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $100.00 to $120.00 in a report on Monday, January 6th. Finally, Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $96.17.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares of the company’s stock, 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. In the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 0.2 %

Shares of NASDAQ:FTNT opened at $94.23 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The stock has a market cap of $72.22 billion, a price-to-earnings ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The business has a 50-day moving average price of $95.68 and a 200-day moving average price of $80.61.

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.