Fortinet, Inc. (NASDAQ:FTNT) Position Raised by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 99.2% in the 4th quarter, Holdings Channel reports. The fund owned 12,064 shares of the software maker’s stock after buying an additional 6,008 shares during the period. Sequoia Financial Advisors LLC’s holdings in Fortinet were worth $706,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Headinvest LLC purchased a new position in shares of Fortinet during the third quarter valued at $29,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at about $29,000. Retirement Group LLC acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $30,000. Resurgent Financial Advisors LLC purchased a new position in Fortinet during the fourth quarter valued at approximately $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $37,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT opened at $64.73 on Tuesday. The stock has a market cap of $49.39 billion, a PE ratio of 44.64, a P/E/G ratio of 2.95 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 stock’s 50 day simple moving average is $68.89 and its 200-day simple moving average is $61.43. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

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

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 46,084 shares of the 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 transaction, 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 legal filing with the SEC, which is available at this link. In related news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the company’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 sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,147 shares of company stock valued at $7,424,394. 17.54% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. Stifel Nicolaus upped their price target on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target for the company. in a research note on Wednesday, February 7th. UBS Group increased their price objective on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, January 10th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Wednesday, April 10th. Finally, Wells Fargo & Company lifted their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $72.35.

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.