17,890 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Milestone Asset Management LLC

Milestone Asset Management LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 17,890 shares of the software maker’s stock, valued at approximately $1,690,000.

Other large investors also recently bought and sold shares of the company. Eastern Bank purchased a new position in Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC raised its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank raised its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Down 0.5 %

Shares of NASDAQ:FTNT opened at $99.33 on Thursday. The stock has a market capitalization of $76.13 billion, a price-to-earnings ratio of 50.17, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a 50 day moving average price of $96.12 and a 200 day moving average price of $82.56.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the firm posted $0.35 earnings per share. On average, research analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTNT. Morgan Stanley raised their target price on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Piper Sandler raised shares of Fortinet from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $100.00 to $120.00 in a research note on Monday, January 6th. Wells Fargo & Company lifted their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Citigroup lifted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. One 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average 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.