2,500 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,500 shares of the software maker’s stock, valued at approximately $236,000.

Other hedge funds have also recently bought and sold shares of the company. Eastern Bank bought a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. City State Bank grew its stake in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new position in Fortinet in the third quarter valued at approximately $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.1 %

Shares of FTNT opened at $96.77 on Tuesday. The firm has a market cap of $74.17 billion, a price-to-earnings ratio of 48.87, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The business’s fifty day moving average is $95.80 and its 200-day moving average is $82.16.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same quarter in the previous year, the company posted $0.35 EPS. Equities analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. BMO Capital Markets lifted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $96.83.

About Fortinet

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.