2,500 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, HoldingsChannel reports. The firm purchased 2,500 shares of the software maker’s stock, valued at approximately $236,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eastern Bank purchased a new stake in shares of Fortinet in the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter worth approximately $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank raised its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet in the third quarter worth approximately $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.1 %

Shares of NASDAQ:FTNT opened at $96.77 on Tuesday. 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 stock has a market capitalization of $74.17 billion, a P/E ratio of 48.87, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. 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 $95.80 and its 200-day moving average price is $82.16.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period last year, the firm earned $0.35 earnings per share. On average, equities analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently commented on FTNT. Robert W. Baird increased their price objective on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and upped their target price for the company from $100.00 to $120.00 in a report on Monday, January 6th. Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $96.83.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 over the last ninety days. 18.00% of the stock is owned by insiders.

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.