David J Yvars Group Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

David J Yvars Group acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,350 shares of the software maker’s stock, valued at approximately $222,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in shares of Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares during the period. Diversified Trust Co boosted its position in Fortinet by 0.6% in the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after buying an additional 135 shares during the last quarter. Eagle Capital Management LLC increased its holdings in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC raised its position in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTNT. Jefferies Financial Group raised their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Scotiabank lifted their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Barclays raised their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Wedbush boosted their price target on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $94.35.

Fortinet Stock Performance

FTNT opened at $93.83 on Tuesday. The firm has a market capitalization of $71.92 billion, a PE ratio of 47.39, a PEG ratio of 2.76 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The firm’s 50-day moving average price is $94.89 and its 200 day moving average price is $79.68.

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.