1834 Investment Advisors Co. Purchases 2,930 Shares of Fortinet, Inc. (NASDAQ:FTNT)

1834 Investment Advisors Co. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 81.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,509 shares of the software maker’s stock after acquiring an additional 2,930 shares during the quarter. 1834 Investment Advisors Co.’s holdings in Fortinet were worth $615,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Eastern Bank bought a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. City State Bank increased its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the third quarter worth $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 0.6 %

Shares of NASDAQ FTNT opened at $96.90 on Friday. The company has a 50 day simple moving average of $95.70 and a 200 day simple moving average of $81.74. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The firm has a market cap of $74.27 billion, a PE ratio of 48.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

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

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The stock was 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 owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Scotiabank boosted their price objective on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, January 21st. Morgan Stanley upped their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Robert W. Baird lifted their target price on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Mizuho increased their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $96.83.

Fortinet Company 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.