Sheaff Brock Investment Advisors LLC Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Sheaff Brock Investment Advisors LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,346 shares of the software maker’s stock after buying an additional 114 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Fortinet were worth $789,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bleakley Financial Group LLC raised its holdings in Fortinet by 4.8% in the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after acquiring an additional 399 shares in the last quarter. Claro Advisors LLC acquired a new stake in shares of Fortinet during the third quarter worth $162,000. Trust Point Inc. acquired a new stake in shares of Fortinet during the third quarter worth $220,000. Stratos Wealth Advisors LLC increased its holdings in shares of Fortinet by 15.7% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 23,880 shares of the software maker’s stock worth $1,852,000 after acquiring an additional 3,233 shares during the period. Finally, Net Worth Advisory Group acquired a new stake in shares of Fortinet in the 3rd quarter worth about $660,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Scotiabank raised their price objective on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Royal Bank of Canada raised their target price on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. The Goldman Sachs Group increased their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of Fortinet stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value 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 $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 1.5 %

FTNT opened at $111.64 on Monday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $112.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm’s fifty day moving average price is $98.60 and its two-hundred day moving average price is $86.77. The company has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. On average, analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current year.

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.