Fielder Capital Group LLC Invests $373,000 in Fortinet, Inc. (NASDAQ:FTNT)

Fielder Capital Group LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 6,368 shares of the software maker’s stock, valued at approximately $373,000.

Other hedge funds have also bought and sold shares of the company. Headinvest LLC bought a new stake in Fortinet in the third quarter worth $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet during the 4th quarter valued at about $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet in the 3rd quarter valued at about $37,000. Rakuten Securities Inc. purchased a new position in Fortinet in the fourth quarter worth about $43,000. Finally, CVA Family Office LLC bought a new stake in Fortinet during the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT traded up $0.62 during trading on Tuesday, reaching $59.43. 18,415,861 shares of the company’s stock were exchanged, compared to its average volume of 6,119,832. The company’s fifty day simple moving average is $67.34 and its 200-day simple moving average is $61.96. The stock has a market capitalization of $45.36 billion, a P/E ratio of 38.44, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 46,084 shares of Fortinet 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 approximately $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction 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 sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FTNT. Royal Bank of Canada lowered their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research report on Friday. Barclays dropped their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday. Sanford C. Bernstein initiated coverage on shares of Fortinet in a research report on Thursday, January 18th. They issued a “market perform” rating and a $65.00 price objective on the stock. Scotiabank dropped their target price on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday. Finally, Truist Financial reduced their price target on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average price target of $70.37.

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.