First Foundation Advisors Buys 8,307 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First Foundation Advisors lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,041 shares of the software maker’s stock after buying an additional 8,307 shares during the quarter. First Foundation Advisors’ holdings in Fortinet were worth $7,184,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Treasurer of the State of North Carolina lifted its stake in shares of Fortinet by 10.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 326,663 shares of the software maker’s stock valued at $30,863,000 after buying an additional 29,570 shares in the last quarter. Scotia Capital Inc. bought a new position in shares of Fortinet in the fourth quarter valued at $11,440,000. Bessemer Group Inc. lifted its stake in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after buying an additional 2,064,016 shares in the last quarter. DRW Securities LLC bought a new position in shares of Fortinet in the fourth quarter valued at $542,000. Finally, APG Asset Management US Inc. bought a new position in shares of Fortinet in the fourth quarter valued at $1,934,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 2.8 %

Fortinet stock opened at $97.11 on Thursday. The firm has a 50 day moving average price of $101.92 and a 200 day moving average price of $94.33. The company has a market capitalization of $74.68 billion, a PE ratio of 42.97, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

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

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. Susquehanna raised 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. Wells Fargo & Company raised their price target on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Stifel Nicolaus raised their price target on shares of Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research report on Friday, February 7th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. Finally, Scotiabank raised their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. 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’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $105.77.

Insider Activity

In other Fortinet news, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $99.32, for a total transaction of $99,320.00. Following the transaction, the director now directly owns 20,612 shares of the company’s stock, valued at $2,047,183.84. This trade represents a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

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.