Thurston Springer Miller Herd & Titak Inc. Purchases 1,249 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 2,602.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,297 shares of the software maker’s stock after buying an additional 1,249 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Fortinet were worth $123,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new stake in shares of Fortinet in the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI boosted its holdings in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after acquiring an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC increased its position in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden raised its holdings in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in shares of Fortinet in the 3rd quarter worth about $10,343,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of FTNT opened at $94.23 on Friday. The firm has a fifty day simple moving average of $95.68 and a two-hundred day simple moving average of $80.34. The firm has a market cap of $72.22 billion, a PE ratio of 47.59, a P/E/G ratio of 2.51 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $101.00.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 19th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, November 22nd. Scotiabank raised their target price on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Bank of America upped their price target on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $95.16.

View Our Latest Stock Analysis on Fortinet

Insider Buying and Selling

In related news, CFO Keith Jensen sold 4,250 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last 90 days. Company insiders own 18.00% of the company’s stock.

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.

Read More

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.