Signaturefd LLC Has $1.50 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Signaturefd LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the fourth quarter, Holdings Channel reports. The fund owned 15,849 shares of the software maker’s stock after acquiring an additional 177 shares during the period. Signaturefd LLC’s holdings in Fortinet were worth $1,497,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in FTNT. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter valued at about $46,000. LFA Lugano Financial Advisors SA raised its position in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares during the last quarter. Private Trust Co. NA raised its position in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after buying an additional 307 shares during the last quarter. R Squared Ltd acquired a new position in shares of Fortinet during the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC raised its position in shares of Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after buying an additional 163 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 0.4 %

Shares of NASDAQ FTNT opened at $96.67 on Tuesday. The company’s 50 day simple moving average is $102.15 and its 200 day simple moving average is $91.93. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm has a market capitalization of $74.34 billion, a P/E ratio of 42.77, 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 announced its quarterly earnings data 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 net margin of 29.30% and a return on equity of 256.53%. On average, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wells Fargo & Company upped their target price on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. TD Cowen upped 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. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group upped their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,660 shares of the stock in a transaction on 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 sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock worth $59,094,530 over the last ninety days. Company insiders own 18.00% of the company’s stock.

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.