Commonwealth Equity Services LLC Has $19.16 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Commonwealth Equity Services LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 53.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 202,825 shares of the software maker’s stock after acquiring an additional 70,413 shares during the period. Commonwealth Equity Services LLC’s holdings in Fortinet were worth $19,163,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Manchester Capital Management LLC raised its position in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after purchasing an additional 100 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares during the period. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after acquiring an additional 114 shares during the period. Finally, Truvestments Capital LLC grew its position in shares of Fortinet by 3.0% in the fourth quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Up 3.0 %

Shares of NASDAQ:FTNT opened at $96.25 on Monday. The company has a 50 day moving average of $102.17 and a 200-day moving average of $91.79. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $74.01 billion, a price-to-earnings ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. 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 released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping 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%. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FTNT. Truist Financial restated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Citigroup raised their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Finally, Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 622,904 shares of company stock valued at $61,338,694. 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.