Brighton Jones LLC Has $976,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Brighton Jones LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,327 shares of the software maker’s stock after buying an additional 221 shares during the quarter. Brighton Jones LLC’s holdings in Fortinet were worth $976,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FTNT. Eastern Bank acquired a new position in Fortinet in the third quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% during the 3rd 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 stake in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the third quarter valued at $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.6 %

Shares of Fortinet stock opened at $96.90 on Friday. The company has a market capitalization of $74.27 billion, a P/E ratio of 48.94, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The business has a 50-day moving average of $95.70 and a two-hundred day moving average of $81.74. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during 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 in the prior year, the business earned $0.35 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FTNT. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Royal Bank of Canada upped their price objective on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. UBS Group lifted their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their price target on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock 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.