Duncan Williams Asset Management LLC Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Duncan Williams Asset Management LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,658 shares of the software maker’s stock after buying an additional 435 shares during the period. Duncan Williams Asset Management LLC’s holdings in Fortinet were worth $1,101,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FTNT. Moody Lynn & Lieberson LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $3,251,000. Jacksonville Wealth Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at approximately $1,081,000. Flagship Harbor Advisors LLC boosted its stake in shares of Fortinet by 4.3% during the 4th quarter. Flagship Harbor Advisors LLC now owns 33,741 shares of the software maker’s stock worth $3,188,000 after acquiring an additional 1,386 shares in the last quarter. Linden Thomas Advisory Services LLC grew its holdings in shares of Fortinet by 4.7% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 52,569 shares of the software maker’s stock worth $4,967,000 after acquiring an additional 2,353 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in Fortinet by 22.1% in the 4th quarter. Geneos Wealth Management Inc. now owns 52,009 shares of the software maker’s stock valued at $4,914,000 after purchasing an additional 9,407 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley upped their target price on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Barclays increased their price objective on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. UBS Group lifted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Finally, Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $96.83.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.6 %

Shares of FTNT opened at $96.90 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The stock has a market cap of $74.27 billion, a PE ratio of 48.94, a P/E/G ratio of 2.58 and a beta of 1.00. The stock’s 50-day moving average is $95.70 and its two-hundred day moving average is $81.74.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the previous year, the company posted $0.35 earnings per share. Equities analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal 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.