Fi3 FINANCIAL ADVISORS LLC Purchases Shares of 2,167 Fortinet, Inc. (NASDAQ:FTNT)

Fi3 FINANCIAL ADVISORS LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,167 shares of the software maker’s stock, valued at approximately $205,000.

Several other hedge funds have also added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new position in Fortinet during the 4th quarter worth $46,000. LFA Lugano Financial Advisors SA increased its position in Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares during the period. Private Trust Co. NA increased its position in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the period. R Squared Ltd bought a new position in Fortinet during the 4th quarter worth $65,000. Finally, Venturi Wealth Management LLC increased its position in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after buying an additional 163 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on FTNT. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Mizuho increased their price objective on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Finally, Citigroup raised their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $105.69.

Fortinet Stock Performance

Shares of FTNT stock opened at $98.65 on Friday. The business’s 50-day moving average price is $102.34 and its 200-day moving average price is $92.31. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $75.86 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 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, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the sale, the director now directly owns 18,612 shares in the company, valued at approximately $1,861,200. The trade was a 9.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by company insiders.

About Fortinet

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.