Cumberland Partners Ltd Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Cumberland Partners Ltd grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 30,000 shares of the software maker’s stock after purchasing an additional 3,500 shares during the period. Cumberland Partners Ltd’s holdings in Fortinet were worth $2,834,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FTNT. Allspring Global Investments Holdings LLC boosted its holdings in Fortinet by 29.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares in the last quarter. Raleigh Capital Management Inc. boosted its stake in Fortinet by 413.5% in the 3rd quarter. Raleigh Capital Management Inc. now owns 950 shares of the software maker’s stock worth $74,000 after purchasing an additional 765 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Fortinet by 8.2% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 12,055 shares of the software maker’s stock valued at $935,000 after purchasing an additional 917 shares during the last quarter. Signaturefd LLC increased its stake in Fortinet by 3.1% during the 3rd quarter. Signaturefd LLC now owns 15,672 shares of the software maker’s stock valued at $1,215,000 after purchasing an additional 476 shares in the last quarter. Finally, Eastern Bank purchased a new position in Fortinet in the third quarter worth about $25,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FTNT. Royal Bank of Canada increased their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. increased their price objective on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Up 0.3 %

NASDAQ FTNT opened at $114.57 on Thursday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market cap of $87.81 billion, a PE ratio of 50.69, a P/E/G ratio of 4.09 and a beta of 1.01. The stock’s 50 day moving average is $99.56 and its 200 day moving average is $87.75.

Fortinet (NASDAQ:FTNT) last released 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 256.53%. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction 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. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 63,610 shares of company stock valued at $6,083,029. 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.