Jones Financial Companies Lllp Has $35.06 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Jones Financial Companies Lllp raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 26.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 371,067 shares of the software maker’s stock after acquiring an additional 78,723 shares during the period. Jones Financial Companies Lllp’s holdings in Fortinet were worth $35,058,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after buying an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $46,000. Private Trust Co. NA boosted its position in shares of 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 during the last quarter. Finally, R Squared Ltd purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $65,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $108.01 on Friday. The firm has a market capitalization of $83.06 billion, a P/E ratio of 47.79, a P/E/G ratio of 4.19 and a beta of 1.01. 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’s 50-day simple moving average is $101.31 and its two-hundred day simple moving average is $89.87. Fortinet, Inc. has a twelve month low of $54.57 and a twelve 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 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%. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Scotiabank lifted their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company boosted 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. Jefferies Financial Group upped their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.72.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock worth $8,991,409 in the last ninety days. 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.