Money Concepts Capital Corp Acquires 449 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Money Concepts Capital Corp lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,701 shares of the software maker’s stock after buying an additional 449 shares during the period. Money Concepts Capital Corp’s holdings in Fortinet were worth $1,672,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FTNT. First Hawaiian Bank purchased a new stake in Fortinet during the fourth quarter valued at approximately $670,000. LVM Capital Management Ltd. MI increased its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after buying an additional 1,081 shares during the period. Forsta AP Fonden lifted its position in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Fortinet during the third quarter worth $10,343,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 2.2 %

NASDAQ FTNT opened at $105.07 on Thursday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $105.12. The company has a 50 day moving average price of $96.92 and a 200 day moving average price of $84.07. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market cap of $80.53 billion, a PE ratio of 53.07, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results 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. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $0.35 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. The Goldman Sachs Group increased their target price on shares of Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research report on Thursday, December 19th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $97.73.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company’s stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 in the last ninety days. 18.00% of the stock is owned by 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.