FineMark National Bank & Trust Has $497,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

FineMark National Bank & Trust lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,260 shares of the software maker’s stock after purchasing an additional 150 shares during the quarter. FineMark National Bank & Trust’s holdings in Fortinet were worth $497,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Asset Management Inc. boosted its holdings in Fortinet by 1.5% during the fourth quarter. TD Asset Management Inc. now owns 1,117,638 shares of the software maker’s stock valued at $105,594,000 after purchasing an additional 16,429 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Fortinet by 104.2% during the 4th quarter. Prudential Financial Inc. now owns 826,136 shares of the software maker’s stock worth $78,053,000 after buying an additional 421,569 shares during the period. Interchange Capital Partners LLC acquired a new stake in Fortinet in the 4th quarter valued at $460,000. Sheets Smith Investment Management bought a new stake in Fortinet in the fourth quarter valued at $1,495,000. Finally, Vanguard Group Inc. raised its stake in Fortinet by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock worth $6,435,550,000 after acquiring an additional 730,994 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FTNT shares. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Morgan Stanley started coverage on shares of Fortinet in a report on Tuesday, March 18th. They set an “overweight” rating and a $123.00 price objective for the company. Stifel Nicolaus boosted their target price on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, March 21st. Finally, Cantor Fitzgerald boosted their price objective on Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $105.69.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $200,000.00. Following the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $101.01 on Thursday. The stock has a 50-day moving average of $102.81 and a 200-day moving average of $92.95. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a market cap of $77.67 billion, a PE ratio of 44.69, 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 current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

About Fortinet

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.