Summit Financial LLC Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Summit Financial LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 55.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 6,821 shares of the software maker’s stock after buying an additional 2,434 shares during the quarter. Summit Financial LLC’s holdings in Fortinet were worth $644,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Fortinet by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. State Street Corp lifted its position in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet during the fourth quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 1.5 %

FTNT opened at $98.08 on Thursday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm’s 50 day simple moving average is $102.99 and its two-hundred day simple moving average is $93.71. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $75.42 billion, a PE ratio of 43.40, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 17,660 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total value of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Susquehanna upped their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Mizuho raised their target price on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. 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, the stock currently has a consensus rating of “Hold” and an average price target of $105.77.

Fortinet Company 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.