Larson Financial Group LLC Acquires 706 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Larson Financial Group LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,359 shares of the software maker’s stock after purchasing an additional 706 shares during the quarter. Larson Financial Group LLC’s holdings in Fortinet were worth $255,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. Wedge Capital Management L L P NC grew its position in shares of Fortinet by 10.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 1,351,458 shares of the software maker’s stock worth $79,101,000 after buying an additional 129,502 shares during the period. RWA Wealth Partners LLC acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $6,484,000. Sage Mountain Advisors LLC grew its position in shares of Fortinet by 1.5% during the 4th quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker’s stock worth $3,926,000 after buying an additional 975 shares during the period. Hussman Strategic Advisors Inc. acquired a new stake in shares of Fortinet during the 4th quarter worth approximately $1,229,000. Finally, abrdn plc grew its position in shares of Fortinet by 66.9% during the 4th quarter. abrdn plc now owns 325,017 shares of the software maker’s stock worth $19,023,000 after buying an additional 130,308 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last quarter. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 1.7 %

Shares of FTNT opened at $64.80 on Wednesday. The business has a 50-day moving average of $68.28 and a 200 day moving average of $61.67. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The firm has a market cap of $49.44 billion, a P/E ratio of 44.69, a price-to-earnings-growth ratio of 2.83 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent research reports. Wells Fargo & Company increased their target price on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Royal Bank of Canada increased their target price on Fortinet from $60.00 to $71.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 7th. Wedbush increased their target price on Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, BMO Capital Markets raised their price objective on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $72.19.

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.