Waterloo Capital L.P. Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Waterloo Capital L.P. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 2,677 shares of the software maker’s stock, valued at approximately $253,000.

Several other hedge funds have also recently made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the 4th quarter valued at about $27,000. Oarsman Capital Inc. boosted its holdings in shares of Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after buying an additional 272 shares in the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $43,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter valued at $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet during the 4th quarter valued at $56,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

NASDAQ FTNT opened at $88.00 on Tuesday. The company has a market capitalization of $67.67 billion, a PE ratio of 38.94, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a 50-day simple moving average of $102.41 and a 200 day simple moving average of $94.09.

Fortinet (NASDAQ:FTNT) last issued 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%. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In related news, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on 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 directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was 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 of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 in the last 90 days. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FTNT shares. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Stephens began coverage on Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price for the company. Mizuho upped their price target on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Robert W. Baird reissued a “neutral” rating and issued a $112.00 price objective (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $105.77.

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.