Oppenheimer & Co. Inc. Has $3.43 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Oppenheimer & Co. Inc. lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,293 shares of the software maker’s stock after buying an additional 217 shares during the period. Oppenheimer & Co. Inc.’s holdings in Fortinet were worth $3,429,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter valued at $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Golden State Wealth Management LLC acquired a new position in Fortinet in the fourth quarter worth about $46,000. R Squared Ltd bought a new position in Fortinet during the fourth quarter worth about $65,000. Finally, Venturi Wealth Management LLC boosted its holdings in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

FTNT stock opened at $108.01 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business’s fifty day moving average is $101.31 and its 200-day moving average is $89.87. The company has a market cap of $83.06 billion, a P/E ratio of 47.79, a price-to-earnings-growth ratio of 4.19 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) 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 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 87,120 shares of company stock valued at $8,991,409 in the last 90 days. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on FTNT shares. BMO Capital Markets increased their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Jefferies Financial Group increased their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada lifted their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $103.72.

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.