Chicago Partners Investment Group LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Chicago Partners Investment Group LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,520 shares of the software maker’s stock, valued at approximately $626,000.

Other institutional investors have also recently made changes to their positions in the company. Eastern Bank bought a new position in shares of Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its stake in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet in the 3rd quarter worth approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The stock was 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. This trade represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was 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 three months. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Jefferies Financial Group increased their price objective on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Wells Fargo & Company raised their target price on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 19th. Morgan Stanley raised their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Rosenblatt Securities raised their target price on shares of Fortinet from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $97.23.

Get Our Latest Report on Fortinet

Fortinet Stock Up 0.0 %

NASDAQ FTNT opened at $100.90 on Tuesday. 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 has a fifty day moving average of $96.57 and a two-hundred day moving average of $83.61. The firm has a market capitalization of $77.34 billion, a price-to-earnings ratio of 50.96, a PEG ratio of 2.65 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $102.87.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, analysts predict that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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