Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Lion Street Advisors LLC

Lion Street Advisors LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.1% during the fourth quarter, HoldingsChannel reports. The fund owned 18,435 shares of the software maker’s stock after acquiring an additional 4,160 shares during the quarter. Lion Street Advisors LLC’s holdings in Fortinet were worth $1,742,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Wealth Advisors LLC increased its stake in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares during the period. Versant Capital Management Inc increased its stake in shares of Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares during the period. Diversified Trust Co increased its stake in shares of Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the period. Eagle Capital Management LLC increased its stake in shares of Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after acquiring an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC increased its stake in shares of Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after acquiring an additional 141 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FTNT shares. Jefferies Financial Group boosted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. UBS Group boosted their price objective on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Stifel Nicolaus boosted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. BMO Capital Markets boosted their price objective on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Finally, Truist Financial reissued a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $97.73.

Fortinet Stock Performance

Shares of FTNT stock opened at $102.78 on Wednesday. The company’s fifty day simple moving average is $96.70 and its 200-day simple moving average is $83.92. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $102.87. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a market cap of $78.78 billion, a PE ratio of 51.91, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its 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 net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the firm posted $0.35 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last quarter. Company 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.