Sagespring Wealth Partners LLC Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Sagespring Wealth Partners LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,610 shares of the software maker’s stock, valued at approximately $341,000.

Several other institutional investors also recently modified their holdings of the stock. Anchor Investment Management LLC increased its stake in Fortinet by 4.2% in the 3rd quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after purchasing an additional 1,866 shares in the last quarter. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Fortinet in the third quarter worth about $9,818,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Fortinet in the third quarter worth approximately $280,000. Optimist Retirement Group LLC acquired a new stake in shares of Fortinet during the third quarter valued at approximately $394,000. Finally, Tidal Investments LLC lifted its position in shares of Fortinet by 311.3% in the 3rd quarter. Tidal Investments LLC now owns 133,226 shares of the software maker’s stock valued at $10,332,000 after acquiring an additional 100,832 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on FTNT shares. Rosenblatt Securities increased their target price on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Finally, UBS Group set a $123.00 price target on shares of Fortinet in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.77.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This trade represents a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 576,944 shares of company stock worth $56,944,064. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Up 2.4 %

Shares of Fortinet stock opened at $99.20 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company’s fifty day moving average price is $101.45 and its two-hundred day moving average price is $94.89. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market capitalization of $76.28 billion, a PE ratio of 43.89, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09.

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

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.