Shaker Investments LLC OH Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

Shaker Investments LLC OH raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 34.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,330 shares of the software maker’s stock after acquiring an additional 11,962 shares during the period. Fortinet makes up approximately 1.8% of Shaker Investments LLC OH’s holdings, making the stock its 14th biggest holding. Shaker Investments LLC OH’s holdings in Fortinet were worth $4,377,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Eastern Bank purchased a new stake in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter worth about $26,000. Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank grew its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter worth about $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on FTNT. JPMorgan Chase & Co. upped their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Rosenblatt Securities increased their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company boosted their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.77.

Fortinet Price Performance

Shares of Fortinet stock opened at $109.55 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business has a 50 day simple moving average of $97.67 and a two-hundred day simple moving average of $85.31. The stock has a market capitalization of $83.96 billion, a P/E ratio of 48.47, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $110.99.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 net margin of 29.30% and a return on equity of 463.85%. As a group, analysts predict that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

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.