Terra Alpha Investments LLC Purchases Shares of 26,238 Fortinet, Inc. (NASDAQ:FTNT)

Terra Alpha Investments LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,238 shares of the software maker’s stock, valued at approximately $2,479,000. Fortinet makes up 2.5% of Terra Alpha Investments LLC’s portfolio, making the stock its 17th largest holding.

Other hedge funds have also made changes to their positions in the company. First Hawaiian Bank purchased a new position in Fortinet in the fourth quarter valued at about $670,000. LVM Capital Management Ltd. MI grew its stake in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares in the last quarter. Trilogy Capital Inc. raised its holdings in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after buying an additional 3,544 shares during the period. Dixon Mitchell Investment Counsel Inc. lifted its position in Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Fortinet in the 3rd quarter worth approximately $10,343,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $96.25 on Monday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The stock has a market capitalization of $74.01 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. 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 stock’s fifty day moving average is $102.17 and its two-hundred day moving average is $91.79.

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

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. Susquehanna boosted their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Piper Sandler reissued an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Stifel Nicolaus increased their price target on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. Finally, BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $103.72.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the sale, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 622,904 shares of company stock worth $61,338,694. Company insiders own 18.00% of the company’s stock.

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.