Toroso Investments LLC Purchases 1,046 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Toroso Investments LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 4.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,521 shares of the software maker’s stock after purchasing an additional 1,046 shares during the quarter. Toroso Investments LLC’s holdings in Fortinet were worth $1,106,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Ronald Blue Trust Inc. lifted its stake in Fortinet by 632.9% in the third quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock valued at $30,000 after purchasing an additional 462 shares during the last quarter. Beacon Capital Management LLC increased its holdings in shares of Fortinet by 400.0% in the third quarter. Beacon Capital Management LLC now owns 840 shares of the software maker’s stock worth $47,000 after purchasing an additional 672 shares during the period. Guardian Wealth Advisors LLC purchased a new position in Fortinet in the third quarter worth $50,000. Covestor Ltd grew its position in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Fortinet by 26.3% in the third quarter. EverSource Wealth Advisors LLC now owns 1,332 shares of the software maker’s stock worth $65,000 after acquiring an additional 277 shares in the last quarter. Institutional investors own 64.35% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $61.22 on Friday. The stock has a 50-day simple moving average of $56.09 and a 200-day simple moving average of $53.02. The stock has a market capitalization of $48.00 billion, a PE ratio of 57.32, a PEG ratio of 2.95 and a beta of 1.14. Fortinet, Inc. has a 1 year low of $42.61 and a 1 year high of $71.52.

Fortinet (NASDAQ:FTNT – Get Rating) last issued its earnings results on Tuesday, February 7th. The software maker reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.30 billion. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The business’s quarterly revenue was up 33.1% on a year-over-year basis. During the same quarter last year, the company earned $0.19 EPS. Analysts predict that Fortinet, Inc. will post 1.14 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Patrice Perche sold 575,494 shares of the stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $58.97, for a total transaction of $33,936,881.18. Following the completion of the transaction, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at approximately $1,517,298.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Patrice Perche sold 575,494 shares of the company’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $58.97, for a total value of $33,936,881.18. Following the sale, the executive vice president now owns 25,730 shares in the company, valued at approximately $1,517,298.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 240,046 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the completion of the sale, the vice president now owns 29,727,018 shares in the company, valued at approximately $1,596,935,406.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 924,949 shares of company stock valued at $53,411,641. 18.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FTNT. Piper Sandler boosted their price target on shares of Fortinet from $57.00 to $64.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 8th. The Goldman Sachs Group started coverage on Fortinet in a report on Tuesday, February 14th. They issued a “buy” rating and a $73.00 price objective for the company. Loop Capital raised their price objective on Fortinet from $66.00 to $80.00 in a research report on Thursday, February 9th. Wells Fargo & Company raised their price target on Fortinet from $62.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, February 8th. Finally, StockNews.com started coverage on Fortinet in a report on Thursday. They set a “buy” rating for the company. Nine research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.39.

About Fortinet

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.