Westfuller Advisors LLC Takes $215,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Westfuller Advisors LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,275 shares of the software maker’s stock, valued at approximately $215,000.

Several other hedge funds have also bought and sold shares of FTNT. Trilogy Capital Inc. raised its stake in Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after buying an additional 3,544 shares during the period. Milestone Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $1,690,000. Proficio Capital Partners LLC raised its stake in Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock valued at $547,000 after acquiring an additional 544,357 shares during the period. Jackson Wealth Management LLC acquired a new stake in Fortinet during the 4th quarter valued at $4,731,000. Finally, YHB Investment Advisors Inc. boosted its position in Fortinet by 5.0% during the fourth quarter. YHB Investment Advisors Inc. now owns 65,797 shares of the software maker’s stock worth $6,217,000 after purchasing an additional 3,149 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, 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 transaction, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This represents a 2.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 715,478 shares of company stock valued at $71,467,247. 17.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. Wolfe Research started coverage on shares of Fortinet in a research report on Monday, May 12th. They issued a “peer perform” rating on the stock. Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. KeyCorp lowered their price target on shares of Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Stephens initiated coverage on Fortinet in a report on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective for the company. Finally, Piper Sandler reiterated an “overweight” rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $104.80.

Fortinet Stock Down 0.4%

Shares of FTNT opened at $103.16 on Friday. The firm has a 50 day simple moving average of $99.29 and a two-hundred day simple moving average of $99.03. 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 company has a market cap of $78.96 billion, a P/E ratio of 45.65, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (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 company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company posted $0.43 EPS. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.