Hurley Capital LLC Buys Shares of 645 Fortinet, Inc. (NASDAQ:FTNT)

Hurley Capital LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 645 shares of the software maker’s stock, valued at approximately $63,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. First Hawaiian Bank bought a new position in Fortinet in the fourth quarter valued at approximately $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 valued at $8,487,000 after buying an additional 8,707 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 valued at $2,220,000 after buying an additional 3,544 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. increased its holdings in Fortinet by 129.9% during the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after buying an additional 169,530 shares during the last quarter. Finally, Milestone Asset Management LLC acquired a new stake in Fortinet in the fourth quarter valued at $1,690,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Michael Xie sold 326,784 shares of the company’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, with a total value of $34,876.24. Following the completion of the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 5.3 %

NASDAQ FTNT opened at $84.71 on Friday. The business has a fifty day moving average price of $102.59 and a two-hundred day moving average price of $93.87. The stock has a market capitalization of $65.14 billion, a PE ratio of 37.48, a PEG ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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 return on equity of 256.53% and a net margin of 29.30%. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. boosted their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Morgan Stanley began coverage on Fortinet in a research report on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 price objective for the company. Wells Fargo & Company boosted their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, Mizuho raised their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $105.77.

Fortinet Company 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.