HMS Capital Management LLC Has $2.86 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

HMS Capital Management LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,318 shares of the software maker’s stock after purchasing an additional 294 shares during the quarter. Fortinet accounts for 1.4% of HMS Capital Management LLC’s investment portfolio, making the stock its 16th largest holding. HMS Capital Management LLC’s holdings in Fortinet were worth $2,864,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its holdings in Fortinet by 373.0% during the third quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock worth $1,463,000 after buying an additional 14,877 shares in the last quarter. Occidental Asset Management LLC bought a new stake in Fortinet during the third quarter worth $222,000. Zhang Financial LLC grew its holdings in Fortinet by 5.3% during the third quarter. Zhang Financial LLC now owns 8,878 shares of the software maker’s stock worth $688,000 after buying an additional 447 shares in the last quarter. CFM Wealth Partners LLC bought a new position in Fortinet in the 3rd quarter valued at $269,000. Finally, SeaCrest Wealth Management LLC bought a new position in Fortinet in the 3rd quarter valued at $329,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Scotiabank upped their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Jefferies Financial Group increased their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Bank of America increased their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.77.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following 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. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $107.70 on Thursday. The stock has a market cap of $82.55 billion, a price-to-earnings ratio of 47.66, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $110.99. The stock’s 50-day moving average is $98.12 and its 200 day moving average is $85.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current fiscal year.

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.