Smith Group Asset Management LLC Has $1.51 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Smith Group Asset Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,935 shares of the software maker’s stock after buying an additional 565 shares during the quarter. Smith Group Asset Management LLC’s holdings in Fortinet were worth $1,506,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. City State Bank lifted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet during the third quarter valued at about $46,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 3.2 %

FTNT opened at $99.83 on Wednesday. The company has a 50 day moving average of $95.98 and a 200 day moving average of $82.45. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The company has a market cap of $76.51 billion, a PE ratio of 50.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on FTNT shares. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and raised their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Wells Fargo & Company raised their target price on Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. Robert W. Baird upped their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $111.00 in a research note on Monday, November 11th. Finally, Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $96.83.

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.