Farther Finance Advisors LLC Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Farther Finance Advisors LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 148.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,004 shares of the software maker’s stock after buying an additional 10,150 shares during the period. Farther Finance Advisors LLC’s holdings in Fortinet were worth $1,607,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter valued at approximately $26,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. Private Trust Co. NA grew its position in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $65,000. Finally, Venturi Wealth Management LLC grew its position in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $93.42 on Friday. The stock’s 50-day moving average is $102.22 and its two-hundred day moving average is $91.41. The firm has a market cap of $71.84 billion, a price-to-earnings ratio of 41.34, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year 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.

Fortinet (NASDAQ:FTNT) last released 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%. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. Truist Financial restated a “buy” rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Cantor Fitzgerald increased their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Morgan Stanley increased their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company increased their price objective on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now owns 18,612 shares of the company’s stock, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Neukom purchased 328 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 622,904 shares of company stock valued at $61,338,694 over the last quarter. 18.00% of the stock is currently owned by insiders.

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.