Fortinet, Inc. (NASDAQ:FTNT) Stake Boosted by Allen Mooney & Barnes Investment Advisors LLC

Allen Mooney & Barnes Investment Advisors LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 8.0% in the fourth quarter, HoldingsChannel reports. The firm owned 7,203 shares of the software maker’s stock after purchasing an additional 533 shares during the period. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Fortinet were worth $422,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of FTNT. Fund Management at Engine No. 1 LLC boosted its holdings in Fortinet by 7.9% during the second quarter. Fund Management at Engine No. 1 LLC now owns 8,486 shares of the software maker’s stock valued at $641,000 after acquiring an additional 620 shares during the period. Cito Capital Group LLC bought a new stake in Fortinet during the third quarter valued at about $660,000. Alamar Capital Management LLC boosted its holdings in Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares during the period. Marshall Financial Group LLC bought a new stake in Fortinet during the fourth quarter valued at about $1,487,000. Finally, First Merchants Corp boosted its holdings in Fortinet by 27.7% during the third quarter. First Merchants Corp now owns 104,974 shares of the software maker’s stock valued at $6,160,000 after acquiring an additional 22,754 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the 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 sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 46,733 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now directly owns 51,701,091 shares of the company’s stock, valued at $3,108,269,590.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the firm’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 completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock valued at $10,233,981 over the last three months. 17.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FTNT. Susquehanna upped their price objective on shares of Fortinet from $55.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $52.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, December 11th. Sanford C. Bernstein began coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price objective for the company. Truist Financial upped their price objective on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Finally, Rosenblatt Securities upped their price objective on shares of Fortinet from $65.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $71.55.

Read Our Latest Analysis on Fortinet

Fortinet Price Performance

Shares of Fortinet stock opened at $67.82 on Tuesday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $51.75 billion, a price-to-earnings ratio of 46.77, a P/E/G ratio of 3.03 and a beta of 1.08. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm’s 50-day moving average price is $68.37 and its two-hundred day moving average price is $60.78.

Fortinet (NASDAQ:FTNTGet Free Report) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. Fortinet’s revenue was up 10.3% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Fortinet Profile

(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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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