Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Duncan Williams Asset Management LLC

Duncan Williams Asset Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 3.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,658 shares of the software maker’s stock after purchasing an additional 435 shares during the quarter. Duncan Williams Asset Management LLC’s holdings in Fortinet were worth $1,101,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Fortinet by 190.4% in the second 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 in the last quarter. Public Sector Pension Investment Board lifted its stake in Fortinet by 82.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock worth $1,354,000 after purchasing an additional 10,125 shares in the last quarter. Insigneo Advisory Services LLC boosted its holdings in shares of Fortinet by 16.9% during the 2nd quarter. Insigneo Advisory Services LLC now owns 3,804 shares of the software maker’s stock worth $211,000 after purchasing an additional 550 shares during the last quarter. Dark Forest Capital Management LP grew its position in shares of Fortinet by 46.6% in the second quarter. Dark Forest Capital Management LP now owns 5,639 shares of the software maker’s stock valued at $340,000 after purchasing an additional 1,792 shares in the last quarter. Finally, MBB Public Markets I LLC acquired a new stake in shares of Fortinet in the second quarter valued at approximately $2,830,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

FTNT stock opened at $96.90 on Friday. The stock has a market cap of $74.27 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. 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 business has a 50 day moving average price of $95.70 and a 200 day moving average price of $81.74.

Fortinet (NASDAQ:FTNTGet Free Report) 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 the consensus estimate of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period last year, the firm posted $0.35 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Hsbc Global Res raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and lifted their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, BMO Capital Markets raised their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $96.83.

View Our Latest Stock Report on Fortinet

Insider Activity

In related news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’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 directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is currently owned by company insiders.

About Fortinet

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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