Fortinet, Inc. (NASDAQ:FTNT) Stake Boosted by 1834 Investment Advisors Co.

1834 Investment Advisors Co. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 81.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,509 shares of the software maker’s stock after buying an additional 2,930 shares during the quarter. 1834 Investment Advisors Co.’s holdings in Fortinet were worth $615,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. boosted its stake in Fortinet by 190.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock worth $87,000 after purchasing an additional 952 shares during the period. Public Sector Pension Investment Board boosted its position in shares of Fortinet by 82.1% in the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock worth $1,354,000 after buying an additional 10,125 shares during the period. Insigneo Advisory Services LLC grew its holdings in shares of Fortinet by 16.9% during the second quarter. Insigneo Advisory Services LLC now owns 3,804 shares of the software maker’s stock valued at $211,000 after buying an additional 550 shares in the last quarter. Dark Forest Capital Management LP raised its position in Fortinet by 46.6% during the second quarter. Dark Forest Capital Management LP now owns 5,639 shares of the software maker’s stock valued at $340,000 after buying an additional 1,792 shares during the period. Finally, MBB Public Markets I LLC purchased a new stake in Fortinet in the 2nd quarter worth about $2,830,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. TD Cowen upped their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada upped their price objective on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Morgan Stanley lifted their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Wells Fargo & Company upped their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus lifted their price objective on Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $96.83.

Fortinet Stock Performance

Fortinet stock opened at $96.90 on Friday. The company’s 50-day moving average is $95.70 and its two-hundred day moving average is $81.74. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The company has a market cap of $74.27 billion, a PE ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the previous year, the firm earned $0.35 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the 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 sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

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.