NEOS Investment Management LLC Has $8.48 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

NEOS Investment Management LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 89,741 shares of the software maker’s stock after acquiring an additional 17,578 shares during the quarter. NEOS Investment Management LLC’s holdings in Fortinet were worth $8,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Graney & King LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the fourth quarter valued at $46,000. Runnymede Capital Advisors Inc. bought a new position in shares of Fortinet in the fourth quarter valued at about $56,000. LFA Lugano Financial Advisors SA lifted its stake in shares of 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 last quarter. Finally, Private Trust Co. NA boosted its holdings in shares of 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. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $101.01 on Thursday. The company has a market capitalization of $77.67 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 4.19 and a beta of 0.97. The business has a 50 day moving average of $102.81 and a 200 day moving average of $92.95. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 in the last quarter. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. The Goldman Sachs Group boosted their price target on Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Citigroup increased their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. Finally, Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $105.69.

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.