Kaufman Rossin Wealth LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Kaufman Rossin Wealth LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,340 shares of the software maker’s stock, valued at approximately $221,000.

A number of other large investors also recently modified their holdings of FTNT. Public Sector Pension Investment Board boosted its stake in shares of Fortinet by 82.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock worth $1,354,000 after buying an additional 10,125 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Fortinet during the 2nd quarter valued at $1,314,000. Algert Global LLC bought a new stake in shares of Fortinet during the 2nd quarter worth $502,000. Creative Planning boosted its holdings in shares of Fortinet by 6.8% in the 2nd quarter. Creative Planning now owns 163,367 shares of the software maker’s stock worth $9,846,000 after buying an additional 10,365 shares during the last quarter. Finally, Truist Financial Corp grew its position in Fortinet by 5.1% during the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock valued at $2,765,000 after buying an additional 2,227 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.5 %

Fortinet stock opened at $99.33 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $76.13 billion, a PE ratio of 50.17, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The business’s fifty day moving average is $96.12 and its 200 day moving average is $82.56. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company earned $0.35 earnings per share. On average, sell-side analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on FTNT shares. JPMorgan Chase & Co. boosted their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Scotiabank lifted their target price on shares of Fortinet from $110.00 to $115.00 and gave the company a “sector outperform” rating in a research report on Tuesday, January 21st. Jefferies Financial Group upped their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $96.83.

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.