Verus Capital Partners LLC Has $451,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Verus Capital Partners LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 11.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,775 shares of the software maker’s stock after buying an additional 505 shares during the period. Verus Capital Partners LLC’s holdings in Fortinet were worth $451,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its stake in shares of Fortinet by 21.0% in the third quarter. Assenagon Asset Management S.A. now owns 15,977 shares of the software maker’s stock valued at $1,239,000 after buying an additional 2,775 shares during the period. abrdn plc grew its holdings in Fortinet by 8.2% during the 3rd quarter. abrdn plc now owns 260,612 shares of the software maker’s stock worth $20,128,000 after acquiring an additional 19,655 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $218,000. First Trust Direct Indexing L.P. raised its stake in shares of Fortinet by 17.0% during the third quarter. First Trust Direct Indexing L.P. now owns 22,340 shares of the software maker’s stock valued at $1,732,000 after acquiring an additional 3,241 shares during the last quarter. Finally, Catalyst Financial Partners LLC lifted its holdings in shares of Fortinet by 7.3% during the third quarter. Catalyst Financial Partners LLC now owns 4,761 shares of the software maker’s stock worth $369,000 after purchasing an additional 325 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $108.01 on Friday. The stock has a market cap of $82.78 billion, a price-to-earnings ratio of 47.79, a PEG ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm’s 50-day simple moving average is $101.31 and its 200 day simple moving average is $89.75.

Fortinet (NASDAQ:FTNT) last posted its 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%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,660 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $517,076.48. This trade represents a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 87,120 shares of company stock valued at $8,991,409 in the last three months. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTNT. Mizuho raised their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Truist Financial restated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. UBS Group lifted their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Citigroup raised their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, BMO Capital Markets boosted their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.72.

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.