Fortinet, Inc. (NASDAQ:FTNT) Stock Position Raised by Meritage Portfolio Management

Meritage Portfolio Management grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 383,548 shares of the software maker’s stock after buying an additional 23,946 shares during the quarter. Fortinet accounts for about 1.5% of Meritage Portfolio Management’s investment portfolio, making the stock its 9th largest holding. Meritage Portfolio Management’s holdings in Fortinet were worth $22,449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in FTNT. Cito Capital Group LLC acquired a new stake in shares of Fortinet during the 3rd quarter valued at approximately $660,000. Vontobel Holding Ltd. raised its holdings in shares of Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares during the last quarter. Alamar Capital Management LLC boosted its holdings in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after buying an additional 7,110 shares during the period. Finally, Marshall Financial Group LLC bought a new stake in shares of Fortinet during the 4th quarter valued at about $1,487,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 0.0 %

Fortinet stock traded down $0.03 during midday trading on Friday, reaching $64.00. The stock had a trading volume of 2,154,996 shares, compared to its average volume of 5,751,946. The firm’s fifty day simple moving average is $68.04 and its two-hundred day simple moving average is $61.72. The firm has a market cap of $48.83 billion, a price-to-earnings ratio of 44.16, a PEG ratio of 2.91 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. Fortinet’s quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. The Goldman Sachs Group lifted their target price on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. UBS Group raised their target price on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, January 10th. Piper Sandler reaffirmed a “neutral” rating and issued a $75.00 price objective on shares of Fortinet in a report on Wednesday, April 3rd. Wedbush lifted their price objective on shares of Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Finally, Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.19.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 over the last three months. 17.54% of the stock is owned by corporate insiders.

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.