Dover Advisors LLC Acquires Shares of 3,860 Fortinet, Inc. (NASDAQ:FTNT)

Dover Advisors LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,860 shares of the software maker’s stock, valued at approximately $226,000.

A number of other large investors also recently modified their holdings of FTNT. Silver Oak Securities Incorporated boosted its holdings in shares of Fortinet by 1,591.4% in the 4th quarter. Silver Oak Securities Incorporated now owns 3,349 shares of the software maker’s stock valued at $196,000 after buying an additional 3,151 shares in the last quarter. Retirement Systems of Alabama acquired a new position in shares of Fortinet in the 4th quarter valued at $8,222,000. Golden State Equity Partners boosted its stake in Fortinet by 9.5% during the 4th quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock worth $270,000 after purchasing an additional 400 shares during the period. Kovack Advisors Inc. boosted its stake in Fortinet by 14.5% during the 4th quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock worth $753,000 after purchasing an additional 1,630 shares during the period. Finally, Motley Fool Asset Management LLC boosted its stake in Fortinet by 2.4% during the 4th quarter. Motley Fool Asset Management LLC now owns 23,189 shares of the software maker’s stock worth $1,357,000 after purchasing an additional 554 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FTNT. Truist Financial increased their price target on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Stifel Nicolaus increased their price target on shares of Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research note on Wednesday, February 7th. UBS Group increased their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Wedbush increased their price target on shares of Fortinet from $75.00 to $86.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, BMO Capital Markets raised their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Two investment 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. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $72.19.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet 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 filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,139 shares of company stock valued at $8,977,876. Insiders own 17.54% of the company’s stock.

Fortinet Trading Up 0.2 %

Shares of NASDAQ FTNT traded up $0.15 during midday trading on Friday, reaching $64.18. 4,138,352 shares of the stock were exchanged, compared to its average volume of 4,170,089. The company has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a P/E/G ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. 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 50 day moving average price of $67.96 and a 200-day moving average price of $61.78.

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

Fortinet Company 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.