Patron Partners LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Patron Partners LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 11,002 shares of the software maker’s stock after buying an additional 389 shares during the quarter. Patron Partners LLC’s holdings in Fortinet were worth $1,039,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Eastern Bank purchased a new position in Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet during the third quarter valued at about $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares in the last quarter. City State Bank raised its holdings in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet during the 3rd quarter worth $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 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, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last quarter. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. Jefferies Financial Group raised their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Wedbush upped their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Truist Financial restated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada upped their price target on Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.23.

Fortinet Trading Up 0.0 %

NASDAQ FTNT opened at $100.90 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $77.34 billion, a price-to-earnings ratio of 50.96, a PEG ratio of 2.65 and a beta of 1.00. The stock’s 50-day simple moving average is $96.57 and its two-hundred day simple moving average is $83.61. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $102.87.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. Research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

About Fortinet

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.