Access Financial Services Inc. Acquires Shares of 21,281 Fortinet, Inc. (NASDAQ:FTNT)

Access Financial Services Inc. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,281 shares of the software maker’s stock, valued at approximately $1,246,000.

Several other institutional investors have also added to or reduced their stakes in FTNT. Sendero Wealth Management LLC increased its holdings in shares of Fortinet by 84.5% during the fourth quarter. Sendero Wealth Management LLC now owns 39,991 shares of the software maker’s stock worth $2,341,000 after buying an additional 18,318 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Fortinet by 32.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 162,534 shares of the software maker’s stock valued at $9,513,000 after purchasing an additional 39,492 shares during the period. CVA Family Office LLC acquired a new stake in Fortinet in the fourth quarter valued at $46,000. Bangor Savings Bank acquired a new stake in Fortinet in the fourth quarter valued at $1,399,000. Finally, Cooper Financial Group increased its holdings in Fortinet by 4.0% in the fourth quarter. Cooper Financial Group now owns 28,744 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 1,094 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ FTNT opened at $68.31 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a market capitalization of $52.12 billion, a P/E ratio of 47.11, a P/E/G ratio of 2.99 and a beta of 1.08. The company has a fifty day moving average of $68.12 and a 200-day moving average of $60.76.

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, topping analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. UBS Group increased their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. The Goldman Sachs Group upped their price target on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Wells Fargo & Company upped their price target on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Susquehanna upped their price target on shares of Fortinet from $55.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Finally, Mizuho upped their price target on shares of Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research report 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 issued a buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $71.55.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on 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 $3,578,767,976.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, 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. Over the last quarter, insiders have sold 154,880 shares of company stock worth $10,233,981. 17.54% of the stock is currently owned by company insiders.

Fortinet 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.