Independent Advisor Alliance Increases Position in Fortinet, Inc. (NASDAQ:FTNT)

Independent Advisor Alliance raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 69.1% during the fourth quarter, Holdings Channel reports. The firm owned 32,947 shares of the software maker’s stock after buying an additional 13,467 shares during the quarter. Independent Advisor Alliance’s holdings in Fortinet were worth $3,113,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. First Hawaiian Bank acquired a new position in shares of Fortinet in the fourth quarter worth $670,000. LVM Capital Management Ltd. MI grew its stake 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 worth $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC grew its stake 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 worth $1,186,000 after acquiring an additional 1,081 shares in the last quarter. Trilogy Capital Inc. grew its stake in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. grew its stake in shares of Fortinet by 129.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after acquiring an additional 169,530 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Royal Bank of Canada boosted their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Friday, February 7th. Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Robert W. Baird reiterated a “neutral” rating and set a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $103.72.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at $517,076.48. The trade was a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 622,904 shares of company stock worth $61,338,694. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 0.4 %

NASDAQ FTNT opened at $97.93 on Thursday. The stock has a market capitalization of $75.31 billion, a P/E ratio of 43.33, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a 50-day moving average price of $102.22 and a 200 day moving average price of $91.41. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current 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.