Fortinet, Inc. (NASDAQ:FTNT) Holdings Lifted by Rooted Wealth Advisors Inc.

Rooted Wealth Advisors Inc. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 30.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,098 shares of the software maker’s stock after acquiring an additional 957 shares during the quarter. Rooted Wealth Advisors Inc.’s holdings in Fortinet were worth $393,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FTNT. First Hawaiian Bank acquired a new stake in Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its holdings in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after buying an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares in the last quarter. Trilogy Capital Inc. lifted its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after acquiring an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden boosted its stake in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FTNT shares. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. TD Cowen upped their price objective on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Stifel Nicolaus boosted their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $103.72.

Fortinet Stock Performance

Shares of FTNT opened at $109.98 on Friday. The firm has a market cap of $84.29 billion, a price-to-earnings ratio of 48.66, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The company’s fifty day moving average is $98.35 and its 200-day moving average is $85.99. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Equities analysts expect that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

Insider Activity

In other news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. 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 quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

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.