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

Larson Financial Group LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.3% during the fourth quarter, HoldingsChannel reports. The firm owned 4,359 shares of the software maker’s stock after buying an additional 706 shares during the period. Larson Financial Group LLC’s holdings in Fortinet were worth $255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wedge Capital Management L L P NC lifted its holdings in shares of Fortinet by 10.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 1,351,458 shares of the software maker’s stock valued at $79,101,000 after purchasing an additional 129,502 shares in the last quarter. RWA Wealth Partners LLC bought a new position in shares of Fortinet during the fourth quarter valued at $6,484,000. Sage Mountain Advisors LLC lifted its holdings in Fortinet by 1.5% in the fourth quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker’s stock valued at $3,926,000 after acquiring an additional 975 shares during the period. Hussman Strategic Advisors Inc. bought a new position in Fortinet in the fourth quarter valued at about $1,229,000. Finally, abrdn plc lifted its holdings in Fortinet by 66.9% in the fourth quarter. abrdn plc now owns 325,017 shares of the software maker’s stock valued at $19,023,000 after acquiring an additional 130,308 shares during the period. 83.71% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. 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 ninety days. Insiders own 17.54% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $64.80 on Wednesday. The firm has a market capitalization of $49.44 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 2.83 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The business has a 50 day simple moving average of $68.28 and a 200-day simple moving average of $61.67. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the company earned $0.38 EPS. Equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Sanford C. Bernstein assumed coverage on Fortinet in a research note on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price objective on the stock. Capital One Financial downgraded Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Tuesday, February 13th. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Finally, Jefferies Financial Group decreased their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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.