Dixon Mitchell Investment Counsel Inc. Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 129.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 299,989 shares of the software maker’s stock after acquiring an additional 169,530 shares during the quarter. Fortinet accounts for approximately 1.3% of Dixon Mitchell Investment Counsel Inc.’s investment portfolio, making the stock its 28th biggest position. Dixon Mitchell Investment Counsel Inc.’s holdings in Fortinet were worth $28,343,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. increased its position in shares of Fortinet by 13.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 53,225 shares of the software maker’s stock worth $5,029,000 after acquiring an additional 6,301 shares during the period. Brady Family Wealth LLC acquired a new position in Fortinet during the 4th quarter worth $233,000. Essex Savings Bank purchased a new stake in Fortinet during the 4th quarter worth about $204,000. USA Financial Formulas acquired a new stake in Fortinet in the 4th quarter valued at about $1,410,000. Finally, Sendero Wealth Management LLC grew its position in shares of Fortinet by 36.8% during the fourth quarter. Sendero Wealth Management LLC now owns 55,873 shares of the software maker’s stock worth $5,279,000 after buying an additional 15,027 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 0.5 %

Shares of NASDAQ:FTNT opened at $93.56 on Thursday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00. The stock’s 50-day moving average price is $95.43 and its two-hundred day moving average price is $80.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market cap of $71.71 billion, a price-to-earnings ratio of 47.25, a PEG ratio of 2.51 and a beta of 1.00.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Robert W. Baird upped their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Wells Fargo & Company increased their price objective on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 19th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald upped their price objective on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $94.35.

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.