Graypoint LLC Purchases 369 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Graypoint LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,699 shares of the software maker’s stock after buying an additional 369 shares during the quarter. Graypoint LLC’s holdings in Fortinet were worth $349,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FTNT. LVM Capital Management Ltd. MI raised its holdings 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 purchasing an additional 8,707 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Fortinet by 2.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 7,262 shares of the software maker’s stock valued at $686,000 after buying an additional 180 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Fortinet by 2.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,961 shares of the software maker’s stock worth $7,271,000 after buying an additional 1,638 shares during the last quarter. First Hawaiian Bank bought a new position in shares of Fortinet in the 4th quarter valued at about $670,000. Finally, Range Financial Group LLC raised its holdings in Fortinet by 316.3% during the fourth quarter. Range Financial Group LLC now owns 27,500 shares of the software maker’s stock worth $2,598,000 after acquiring an additional 20,894 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at approximately $4,796,972,076.19. This represents a 0.05 % 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 acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 68,123 shares of company stock valued at $6,227,201. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. TD Cowen raised their target price on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada lifted their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Raymond James raised their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Scotiabank boosted their target price on Fortinet from $85.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 20th. Finally, Jefferies Financial Group raised their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $94.35.

Fortinet Price Performance

Shares of FTNT stock opened at $94.56 on Friday. The business has a fifty day simple moving average of $94.59 and a 200 day simple moving average of $79.30. The company has a market cap of $72.48 billion, a P/E ratio of 47.76, a P/E/G ratio of 2.76 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00.

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.