Brighton Jones LLC Has $976,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Brighton Jones LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 4th quarter, HoldingsChannel reports. The firm owned 10,327 shares of the software maker’s stock after buying an additional 221 shares during the period. Brighton Jones LLC’s holdings in Fortinet were worth $976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. grew its stake in Fortinet by 190.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock valued at $87,000 after buying an additional 952 shares during the last quarter. Public Sector Pension Investment Board grew its position in shares of Fortinet by 82.1% in the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after purchasing an additional 10,125 shares during the last quarter. Insigneo Advisory Services LLC increased its stake in shares of Fortinet by 16.9% during the second quarter. Insigneo Advisory Services LLC now owns 3,804 shares of the software maker’s stock worth $211,000 after purchasing an additional 550 shares during the period. Dark Forest Capital Management LP boosted its stake in Fortinet by 46.6% in the 2nd quarter. Dark Forest Capital Management LP now owns 5,639 shares of the software maker’s stock valued at $340,000 after purchasing an additional 1,792 shares during the period. Finally, MBB Public Markets I LLC acquired a new position in Fortinet in the 2nd quarter valued at $2,830,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were 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 of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $96.90 on Friday. The company has a market capitalization of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The stock has a fifty day simple moving average of $95.70 and a 200 day simple moving average of $81.74.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the company earned $0.35 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTNT. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley increased their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. TD Cowen lifted their price target on shares of Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Royal Bank of Canada increased their price target on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Mizuho lifted their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $96.83.

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.