Asset Planning Inc Buys Shares of 1,727 Fortinet, Inc. (NASDAQ:FTNT)

Asset Planning Inc bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,727 shares of the software maker’s stock, valued at approximately $163,000.

Several other large investors also recently added to or reduced their stakes in FTNT. Eastern Bank bought a new stake in Fortinet in the third quarter worth $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet in the third quarter worth $26,000. Private Wealth Management Group LLC boosted its holdings in 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 in the last quarter. Golden State Wealth Management LLC bought a new stake in Fortinet in the fourth quarter worth $46,000. Finally, R Squared Ltd bought a new stake in Fortinet in the fourth quarter worth $65,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the 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 completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. This represents a 79.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 2.1 %

FTNT opened at $109.98 on Friday. 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 $84.29 billion, a P/E ratio of 48.66, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99. The firm’s fifty day simple moving average is $98.35 and its 200 day simple moving average is $85.99.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research analyst reports. Scotiabank boosted their target price on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research report on Friday, February 7th. Barclays upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. UBS Group upped their price objective on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, BMO Capital Markets increased their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.