Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Global Trust Asset Management LLC

by · The Cerbat Gem

Global Trust Asset Management LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 236.1% during the fourth quarter, Holdings Channel reports. The firm owned 5,210 shares of the software maker’s stock after acquiring an additional 3,660 shares during the quarter. Global Trust Asset Management LLC’s holdings in Fortinet were worth $492,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC increased its stake in Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the period. Versant Capital Management Inc grew its stake in shares of Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares in the last quarter. Diversified Trust Co increased its position in shares of Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after acquiring an additional 135 shares during the period. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its holdings in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after purchasing an additional 141 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Up 3.2 %

Fortinet stock opened at $97.20 on Wednesday. The stock has a market capitalization of $74.50 billion, a price-to-earnings ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average of $95.58 and a two-hundred day moving average of $81.10. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00.

Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the firm posted $0.35 EPS. As a group, research analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FTNT shares. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and upped their price target for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Morgan Stanley boosted their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $96.33.

Read Our Latest Stock Analysis on Fortinet

About Fortinet

(Free Report)

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.

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