40,966 Shares in Fortinet, Inc. (NASDAQ:FTNT) Acquired by Lmcg Investments LLC

Lmcg Investments LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 40,966 shares of the software maker’s stock, valued at approximately $3,870,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Eagle Capital Management LLC raised its stake in shares of Fortinet by 2.2% in the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock worth $1,545,000 after purchasing an additional 544 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Fortinet by 190.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker’s stock worth $87,000 after buying an additional 952 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Fortinet by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker’s stock valued at $9,973,000 after acquiring an additional 10,145 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Fortinet by 36.0% in the 2nd quarter. Pacer Advisors Inc. now owns 172,510 shares of the software maker’s stock valued at $10,397,000 after acquiring an additional 45,678 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its stake in shares of Fortinet by 30.4% in the second quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker’s stock worth $329,000 after acquiring an additional 1,274 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fortinet news, Director William H. Neukom bought 355 shares of the stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last 90 days. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 0.2 %

NASDAQ:FTNT opened at $94.23 on Tuesday. The stock has a fifty day simple moving average of $95.62 and a 200 day simple moving average of $80.85. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Morgan Stanley upped their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Piper Sandler upgraded Fortinet from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Wells Fargo & Company upped their target price on Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Finally, KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $96.17.

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.