Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Evoke Wealth LLC

Evoke Wealth LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 22.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,415 shares of the software maker’s stock after purchasing an additional 1,165 shares during the quarter. Evoke Wealth LLC’s holdings in Fortinet were worth $606,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Advisors Asset Management Inc. raised its position in shares of Fortinet by 24.5% during the 4th quarter. Advisors Asset Management Inc. now owns 24,380 shares of the software maker’s stock worth $2,303,000 after purchasing an additional 4,800 shares during the period. Terra Alpha Investments LLC acquired a new stake in Fortinet in the 4th quarter valued at approximately $2,479,000. Signaturefd LLC increased its position in Fortinet by 1.1% in the 4th quarter. Signaturefd LLC now owns 15,849 shares of the software maker’s stock valued at $1,497,000 after acquiring an additional 177 shares during the period. Parallel Advisors LLC increased its position in Fortinet by 2.7% in the 4th quarter. Parallel Advisors LLC now owns 7,738 shares of the software maker’s stock valued at $731,000 after acquiring an additional 204 shares during the period. Finally, Cibc World Markets Corp increased its position in Fortinet by 13.7% in the 4th quarter. Cibc World Markets Corp now owns 117,988 shares of the software maker’s stock valued at $11,148,000 after acquiring an additional 14,229 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the director now owns 18,612 shares in the company, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $96.91 on Wednesday. The stock has a market cap of $74.52 billion, a PE ratio of 42.88, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The business has a fifty day simple moving average of $102.17 and a 200-day simple moving average of $92.08. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the company. Royal Bank of Canada raised their target price on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday, February 7th. Truist Financial restated a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $105.69.

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.