Linden Thomas Advisory Services LLC Buys 907 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Linden Thomas Advisory Services LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,750 shares of the software maker’s stock after buying an additional 907 shares during the quarter. Linden Thomas Advisory Services LLC’s holdings in Fortinet were worth $1,156,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Parkside Financial Bank & Trust boosted its position in Fortinet by 31.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,059 shares of the software maker’s stock worth $62,000 after purchasing an additional 256 shares during the last quarter. Masso Torrence Wealth Management Inc. purchased a new position in Fortinet in the fourth quarter worth $252,000. Larson Financial Group LLC boosted its position in Fortinet by 19.3% in the fourth quarter. Larson Financial Group LLC now owns 4,359 shares of the software maker’s stock worth $255,000 after purchasing an additional 706 shares during the last quarter. Wedge Capital Management L L P NC boosted its position in Fortinet by 10.6% in the fourth quarter. Wedge Capital Management L L P NC now owns 1,351,458 shares of the software maker’s stock worth $79,101,000 after purchasing an additional 129,502 shares during the last quarter. Finally, RWA Wealth Partners LLC purchased a new position in Fortinet in the fourth quarter worth $6,484,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $65.45 on Thursday. The firm has a market capitalization of $49.94 billion, a P/E ratio of 45.14, a P/E/G ratio of 2.88 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock’s 50-day simple moving average is $68.17 and its two-hundred day simple moving average is $61.70. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FTNT shares. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a research report on Thursday, February 8th. Susquehanna reaffirmed a “neutral” rating and set a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Tuesday, February 13th. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Finally, Mizuho upped their price target on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 132,139 shares of company stock valued at $8,977,876. Corporate insiders own 17.54% 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.