Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Whittier Trust Co.

Whittier Trust Co. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 724.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,813 shares of the software maker’s stock after acquiring an additional 1,593 shares during the period. Whittier Trust Co.’s holdings in Fortinet were worth $171,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter valued at about $46,000. LFA Lugano Financial Advisors SA lifted its stake in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares in the last quarter. Private Trust Co. NA lifted its stake 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 buying an additional 307 shares in the last quarter. R Squared Ltd purchased a new stake in Fortinet during the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC lifted its stake in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares of the company’s stock, valued at $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is owned by company insiders.

Fortinet Stock Up 0.2 %

Shares of Fortinet stock opened at $98.65 on Monday. The stock has a market capitalization of $75.86 billion, a P/E ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average price of $102.34 and a two-hundred day moving average price of $92.53. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced 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%. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on FTNT. Mizuho upped their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Royal Bank of Canada upped their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Scotiabank upped their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $105.69.

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.