Mainstay Capital Management LLC ADV Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

Mainstay Capital Management LLC ADV boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,216 shares of the software maker’s stock after purchasing an additional 195 shares during the period. Mainstay Capital Management LLC ADV’s holdings in Fortinet were worth $776,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Eastern Bank purchased a new stake in Fortinet during the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC grew its position in Fortinet by 73.3% during the 3rd 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 during the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortinet during the 4th quarter worth approximately $46,000. Finally, R Squared Ltd purchased a new stake in Fortinet during the 4th quarter worth approximately $65,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on FTNT shares. Truist Financial restated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Rosenblatt Securities lifted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Royal Bank of Canada lifted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Finally, Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,110 shares of company stock valued at $8,751,689 over the last 90 days. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

Fortinet stock opened at $110.02 on Monday. The company has a fifty day simple moving average of $100.12 and a 200-day simple moving average of $88.67. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $84.32 billion, a price-to-earnings ratio of 48.68, a PEG ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 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.