Sound Income Strategies LLC Acquires 2,945 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sound Income Strategies LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6,544.4% in the 4th quarter, HoldingsChannel reports. The firm owned 2,990 shares of the software maker’s stock after purchasing an additional 2,945 shares during the quarter. Sound Income Strategies LLC’s holdings in Fortinet were worth $282,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC lifted its position in shares of Fortinet by 1.6% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after acquiring an additional 128 shares in the last quarter. Diversified Trust Co boosted its position in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock valued at $2,254,000 after acquiring an additional 135 shares during the last quarter. Eagle Capital Management LLC grew its holdings in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after purchasing an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC increased its position in Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $96.90 on Friday. The firm 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 52-week low of $54.57 and a 52-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 company’s 50 day moving average is $95.70 and its 200 day moving average is $81.59.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period last year, the business posted $0.35 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly 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 disclosure for this purchase can be found here. Over the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on FTNT shares. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Robert W. Baird lifted their price target on Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Bank of America boosted their price objective on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Barclays lifted their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $96.83.

Fortinet Profile

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.