Evoke Wealth LLC Acquires 1,165 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Evoke Wealth LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 22.2% during the fourth quarter, HoldingsChannel reports. The firm owned 6,415 shares of the software maker’s stock after purchasing an additional 1,165 shares during the period. Evoke Wealth LLC’s holdings in Fortinet were worth $606,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in FTNT. FMR LLC increased its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after purchasing an additional 2,705,767 shares during the period. Amundi increased its stake in shares of Fortinet by 36.7% in the fourth quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after purchasing an additional 1,766,860 shares during the period. Los Angeles Capital Management LLC increased its stake in shares of Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock worth $275,877,000 after purchasing an additional 1,682,708 shares during the period. State Street Corp grew its position in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Fortinet during the fourth quarter worth about $69,381,000. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % 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 Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares of the company’s stock, valued at $1,861,200. The trade was a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $96.91 on Wednesday. The company has a market capitalization of $74.52 billion, a PE ratio of 42.88, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock’s fifty day simple moving average is $102.17 and its 200 day simple moving average is $92.08.

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, 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%. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FTNT shares. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Royal Bank of Canada lifted their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Jefferies Financial Group lifted their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, Scotiabank lifted their target price on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $105.69.

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.