Mariner LLC Buys 25,323 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mariner LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 207,710 shares of the software maker’s stock after acquiring an additional 25,323 shares during the period. Mariner LLC’s holdings in Fortinet were worth $19,625,000 as of its most recent SEC filing.

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

Fortinet Stock Performance

NASDAQ FTNT opened at $96.07 on Thursday. The firm’s 50 day simple moving average is $101.22 and its 200 day simple moving average is $94.90. The firm has a market capitalization of $73.88 billion, a price-to-earnings ratio of 42.51, a P/E/G ratio of 4.19 and a beta of 1.09. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its 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 256.53% and a net margin of 29.30%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director Kenneth A. Goldman sold 2,000 shares of the firm’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 value of $200,000.00. Following the sale, the director now owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction on 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 transaction, 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 have sold a total of 576,944 shares of company stock worth $56,944,064 over the last 90 days. 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 stock. The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Wells Fargo & Company boosted their target price on Fortinet from $85.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Cantor Fitzgerald raised their price target on Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $105.17.

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.