Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Proficio Capital Partners LLC

Proficio Capital Partners LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 18,353.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 547,323 shares of the software maker’s stock after purchasing an additional 544,357 shares during the quarter. Proficio Capital Partners LLC owned approximately 0.07% of Fortinet worth $547,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of FTNT. FMR LLC grew its position in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares during the last quarter. Los Angeles Capital Management LLC grew its position in shares of Fortinet by 136.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker’s stock valued at $275,877,000 after purchasing an additional 1,682,708 shares during the last quarter. State Street Corp grew its position in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC grew its position in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after purchasing an additional 724,887 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its position in shares of Fortinet by 1,084.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after purchasing an additional 601,801 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. BMO Capital Markets raised their target price on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Truist Financial restated a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Susquehanna raised their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Finally, Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $103.72.

Fortinet Price Performance

FTNT opened at $101.28 on Monday. The company has a fifty day simple moving average of $102.06 and a 200 day simple moving average of $91.04. The firm has a market cap of $77.88 billion, a price-to-earnings ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results 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 net margin of 29.30% and a return on equity of 256.53%. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, Director William H. Neukom acquired 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 87,120 shares of company stock valued at $8,991,409. Corporate insiders own 18.00% of the company’s stock.

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.