Cary Street Partners Financial LLC Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Cary Street Partners Financial LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,234 shares of the software maker’s stock, valued at approximately $306,000.

A number of other hedge funds also recently bought and sold shares of the company. Caxton Associates LP lifted its position in shares of Fortinet by 575.7% in the fourth quarter. Caxton Associates LP now owns 18,664 shares of the software maker’s stock worth $1,763,000 after purchasing an additional 15,902 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Fortinet by 112.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 24,799 shares of the software maker’s stock worth $2,343,000 after buying an additional 216,537 shares during the last quarter. Banque Transatlantique SA acquired a new stake in Fortinet in the 4th quarter worth approximately $43,000. Alteri Wealth LLC acquired a new stake in shares of Fortinet in the fourth quarter worth $1,503,000. Finally, Aptus Capital Advisors LLC boosted its holdings in Fortinet by 25.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 7,716 shares of the software maker’s stock valued at $729,000 after acquiring an additional 1,559 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 738,978 shares of company stock valued at $74,135,907. 17.20% of the stock is owned by corporate insiders.

Fortinet Trading Down 0.3 %

NASDAQ:FTNT opened at $97.42 on Friday. The business has a fifty day moving average price of $98.26 and a 200-day moving average price of $97.47. 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, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market capitalization of $74.50 billion, a price-to-earnings ratio of 43.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. The business’s revenue was up 13.8% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FTNT. Robert W. Baird upped their price target on Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Wells Fargo & Company lowered their target price on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday. Cantor Fitzgerald lowered their price target on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target for the company. Finally, Guggenheim restated a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.80.

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.