Myriad Asset Management US LP Buys New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Myriad Asset Management US LP bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, HoldingsChannel reports. The fund bought 11,671 shares of the software maker’s stock, valued at approximately $1,103,000.

Several other large investors have also recently added to or reduced their stakes in the business. Eastern Bank bought a new position in Fortinet during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter valued at $26,000. Private Wealth Management Group LLC lifted its holdings in shares of 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 purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at $46,000. Finally, R Squared Ltd purchased a new stake in shares of Fortinet during the fourth quarter worth $65,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. UBS Group increased their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Bank of America boosted their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Performance

FTNT stock opened at $111.64 on Friday. The business’s fifty day moving average is $98.60 and its 200-day moving average is $86.37. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37.

Fortinet (NASDAQ:FTNT) last posted 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 return on equity of 463.85% and a net margin of 29.30%. Equities research analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Insider Activity

In related news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is owned by company insiders.

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.