Graney & King LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Graney & King LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 452 shares of the software maker’s stock, valued at approximately $43,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $46,000. Runnymede Capital Advisors Inc. bought a new position in Fortinet in the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA boosted its stake in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares in the last quarter. Private Trust Co. NA grew its holdings in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. Finally, R Squared Ltd acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $65,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, Director William H. Neukom bought 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the transaction, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on FTNT. Susquehanna upped their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 target price (up from $120.00) on shares of Fortinet in a report on Friday, February 7th. Wells Fargo & Company raised their price objective on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $105.69.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $101.01 on Thursday. 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 $77.67 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The stock’s fifty day simple moving average is $102.81 and its two-hundred day simple moving average is $92.95. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.