Nutshell Asset Management Ltd Purchases Shares of 102,934 Fortinet, Inc. (NASDAQ:FTNT)

Nutshell Asset Management Ltd purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 102,934 shares of the software maker’s stock, valued at approximately $9,725,000. Fortinet comprises 6.1% of Nutshell Asset Management Ltd’s investment portfolio, making the stock its 4th biggest holding.

Other large investors have also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the fourth quarter worth $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of Fortinet during the 4th quarter valued at approximately $56,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Scotiabank raised their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Stephens began coverage on Fortinet in a research note on Tuesday. They issued an “equal weight” rating and a $108.00 price target for the company. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $105.77.

Fortinet Stock Performance

Shares of FTNT opened at $84.71 on Friday. 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, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock has a 50 day moving average price of $102.59 and a 200 day moving average price of $93.74. The company has a market capitalization of $65.14 billion, a price-to-earnings ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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 return on equity of 256.53% and a net margin of 29.30%. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value 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 trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. 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.