Atomi Financial Group Inc. Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Atomi Financial Group Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,485 shares of the software maker’s stock after buying an additional 1,326 shares during the period. Atomi Financial Group Inc.’s holdings in Fortinet were worth $896,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Eastern Bank bought a new stake in shares of Fortinet in the 3rd quarter valued at about $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. City State Bank boosted its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of Fortinet stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on 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 owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 1.1 %

FTNT stock opened at $98.24 on Thursday. Fortinet, Inc. has a one year low of $54.57 and a one year 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 firm’s fifty day moving average is $95.59 and its 200 day moving average is $81.22. The firm has a market cap of $75.30 billion, a PE ratio of 49.62, a P/E/G ratio of 2.49 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period last year, the firm earned $0.35 EPS. On average, research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FTNT shares. Citigroup raised their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target on the stock in a research report on Thursday, December 19th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $96.33.

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.