Everhart Financial Group Inc. Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Everhart Financial Group Inc. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,426 shares of the software maker’s stock after purchasing an additional 303 shares during the period. Everhart Financial Group Inc.’s holdings in Fortinet were worth $418,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FTNT. FMR LLC raised its position in Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the last quarter. State Street Corp grew its stake in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC grew its stake in shares of Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its stake in shares of Fortinet by 1,084.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after buying an additional 601,801 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred 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. The trade was a 79.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FTNT shares. UBS Group raised their price objective on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wedbush raised their price objective on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Morgan Stanley raised 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. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Price Performance

FTNT stock opened at $111.64 on Monday. The firm has a 50 day moving average price of $98.60 and a 200-day moving average price of $86.77. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37. The firm has a market capitalization of $85.57 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.75 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 463.85%. Equities research analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

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.