Trust Point Inc. Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Trust Point Inc. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,462 shares of the software maker’s stock after buying an additional 626 shares during the period. Trust Point Inc.’s holdings in Fortinet were worth $327,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. Baltimore Washington Financial Advisors Inc. grew its stake in Fortinet by 11.7% during the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 66,047 shares of the software maker’s stock valued at $6,240,000 after purchasing an additional 6,917 shares in the last quarter. GDS Wealth Management grew its stake in Fortinet by 253.5% during the 4th quarter. GDS Wealth Management now owns 20,237 shares of the software maker’s stock valued at $1,912,000 after purchasing an additional 14,512 shares in the last quarter. Conestoga Capital Advisors LLC grew its stake in Fortinet by 1.4% during the 4th quarter. Conestoga Capital Advisors LLC now owns 10,259 shares of the software maker’s stock valued at $969,000 after purchasing an additional 145 shares in the last quarter. Resonant Capital Advisors LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $257,000. Finally, Chicago Capital LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $308,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 2.2 %

FTNT opened at $105.07 on Thursday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $105.12. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock’s fifty day moving average is $96.92 and its 200-day moving average is $84.07. The company has a market capitalization of $80.53 billion, a PE ratio of 53.07, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the business earned $0.35 EPS. On average, equities analysts predict that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on FTNT shares. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Stifel Nicolaus lifted their target price on Fortinet from $90.00 to $103.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. Finally, HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $97.73.

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.