Modera Wealth Management LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Modera Wealth Management LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,618 shares of the software maker’s stock after buying an additional 4,160 shares during the quarter. Modera Wealth Management LLC’s holdings in Fortinet were worth $9,601,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FTNT. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter worth about $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $46,000. Private Trust Co. NA lifted its position in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in Fortinet in the fourth quarter valued at approximately $65,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.9 %

Shares of Fortinet stock opened at $108.01 on Monday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market cap of $83.06 billion, a P/E ratio of 47.79, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01. The firm has a 50-day simple moving average of $101.31 and a two-hundred day simple moving average of $89.99.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on FTNT shares. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Royal Bank of Canada boosted their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Jefferies Financial Group lifted their target price 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. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $103.72.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 87,120 shares of company stock valued at $8,991,409. 18.00% of the stock is owned by company insiders.

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.