Sequoia Financial Advisors LLC Buys 3,659 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sequoia Financial Advisors LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 30.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,714 shares of the software maker’s stock after purchasing an additional 3,659 shares during the period. Sequoia Financial Advisors LLC’s holdings in Fortinet were worth $1,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. Amundi grew its stake in shares of Fortinet by 36.7% during the 4th quarter. Amundi now owns 6,577,467 shares of the software maker’s stock worth $631,700,000 after acquiring an additional 1,766,860 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings 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 boosted its holdings in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Fortinet in the fourth quarter valued at $69,381,000. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, Director Kenneth A. Goldman sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the transaction, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 206,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 622,904 shares of company stock valued at $61,338,694. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FTNT shares. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Robert W. Baird restated a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Mizuho upped their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Jefferies Financial Group raised their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Wedbush upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.72.

Fortinet Trading Up 3.0 %

FTNT opened at $96.25 on Friday. The stock has a market capitalization of $74.01 billion, a price-to-earnings ratio of 42.59, a P/E/G ratio of 4.19 and a beta of 0.97. 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 company has a 50-day simple moving average of $102.17 and a 200 day simple moving average of $91.68.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.