Perigon Wealth Management LLC Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Perigon Wealth Management LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 14.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,322 shares of the software maker’s stock after purchasing an additional 1,811 shares during the quarter. Perigon Wealth Management LLC’s holdings in Fortinet were worth $1,347,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FTNT. Algert Global LLC purchased a new position in shares of Fortinet in the 2nd quarter worth $502,000. Truist Financial Corp grew its stake in shares of Fortinet by 5.1% during the 2nd quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock valued at $2,765,000 after purchasing an additional 2,227 shares during the period. Brown Financial Advisors purchased a new stake in shares of Fortinet during the 2nd quarter valued at about $293,000. Sanctuary Advisors LLC bought a new position in shares of Fortinet in the 2nd quarter worth approximately $2,922,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Fortinet in the second quarter worth approximately $4,227,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $100.93 on Friday. The company’s 50-day moving average price is $96.25 and its 200-day moving average price is $82.69. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $77.36 billion, a PE ratio of 50.97, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $102.17.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the prior year, the business posted $0.35 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FTNT shares. Rosenblatt Securities increased their price target on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. TD Cowen upped their price target on Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Bank of America raised their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company boosted their price objective on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.83.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was 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 owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is owned by 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.