Lindbrook Capital LLC Buys 159 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Lindbrook Capital LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 7.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,251 shares of the software maker’s stock after acquiring an additional 159 shares during the quarter. Lindbrook Capital LLC’s holdings in Fortinet were worth $213,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FTNT. FMR LLC lifted its position in Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in Fortinet by 136.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after acquiring an additional 1,682,708 shares in the last quarter. State Street Corp lifted its position in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Fortinet during the 4th quarter worth about $69,381,000. Finally, Worldquant Millennium Advisors LLC lifted its position in Fortinet by 98.9% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after buying an additional 724,887 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now owns 300,006 shares in the company, valued at $31,899,637.98. This trade represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 87,120 shares of company stock worth $8,991,409 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.4 %

Shares of FTNT opened at $101.28 on Friday. The firm’s 50-day simple moving average is $101.95 and its 200 day simple moving average is $90.64. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market cap of $77.88 billion, a P/E ratio of 44.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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 256.53%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

FTNT has been the topic of several analyst reports. Susquehanna boosted their price target on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Jefferies Financial Group boosted their price target on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Wells Fargo & Company boosted their price target on shares of Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $103.72.

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.