Sunpointe LLC Invests $206,000 in Fortinet, Inc. (NASDAQ:FTNT)

Sunpointe LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,179 shares of the software maker’s stock, valued at approximately $206,000.

Several other institutional investors have also made changes to their positions in the company. Manchester Capital Management LLC increased its position in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after acquiring an additional 107 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its position in Fortinet by 1.4% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after purchasing an additional 114 shares in the last quarter. Versant Capital Management Inc grew its position in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock valued at $104,000 after purchasing an additional 128 shares in the last quarter. Finally, Diversified Trust Co grew its position in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after purchasing an additional 135 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Susquehanna boosted their price objective on shares of Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research report on Monday, February 10th. Rosenblatt Securities boosted their price objective on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Robert W. Baird reaffirmed a “neutral” rating and set a $112.00 price objective (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Finally, Mizuho boosted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Price Performance

NASDAQ:FTNT opened at $114.19 on Friday. The stock has a market cap of $87.52 billion, a P/E ratio of 50.53, a PEG ratio of 4.19 and a beta of 1.01. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a fifty day moving average price of $99.88 and a 200 day moving average price of $87.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet 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 value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 87,110 shares of company stock valued at $8,751,689 in the last 90 days. 18.00% of the stock is currently owned by company 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.