Cary Street Partners Financial LLC Makes New Investment 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 filing with the Securities & Exchange Commission. The fund bought 3,234 shares of the software maker’s stock, valued at approximately $306,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Fortinet in the 4th quarter worth about $43,000. Banque Transatlantique SA bought a new position in shares of Fortinet during the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTNT. Citigroup raised their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Wells Fargo & Company decreased their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. BMO Capital Markets lowered their price target on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, Royal Bank of Canada cut their price objective on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $104.80.

Fortinet Stock Performance

NASDAQ FTNT opened at $97.42 on Friday. The stock has a market cap 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. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The business has a fifty day moving average of $98.26 and a 200-day moving average of $97.47. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

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

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 328 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the transaction, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 738,978 shares of company stock worth $74,135,907. 17.20% of the stock is currently owned by company insiders.

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.