Harbour Investments Inc. Has $138,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Harbour Investments Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,465 shares of the software maker’s stock after purchasing an additional 219 shares during the period. Harbour Investments Inc.’s holdings in Fortinet were worth $138,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of FTNT. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter valued at $46,000. LFA Lugano Financial Advisors SA boosted its holdings in Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after purchasing an additional 490 shares during the last quarter. Private Trust Co. NA boosted its holdings in Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the last quarter. R Squared Ltd purchased a new position in Fortinet in the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC boosted its stake in Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after acquiring an additional 163 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’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 value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 in the last three months. 18.00% of the stock is owned by company insiders.

Fortinet Stock Up 0.2 %

Shares of Fortinet stock opened at $98.65 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business’s 50 day simple moving average is $102.34 and its 200-day simple moving average is $92.42. The stock has a market capitalization of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced 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 return on equity of 256.53% and a net margin of 29.30%. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Morgan Stanley initiated coverage on shares of Fortinet in a research report on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 target price for the company. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, KeyCorp upgraded shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $105.69.

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.