EverSource Wealth Advisors LLC Purchases 1,757 Shares of Fortinet, Inc. (NASDAQ:FTNT)

EverSource Wealth Advisors LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 243.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,480 shares of the software maker’s stock after acquiring an additional 1,757 shares during the period. EverSource Wealth Advisors LLC’s holdings in Fortinet were worth $234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its position in Fortinet by 30.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,714 shares of the software maker’s stock worth $1,485,000 after purchasing an additional 3,659 shares during the last quarter. Saturna Capital Corp bought a new stake in shares of Fortinet during the 4th quarter worth $727,000. Prosperity Wealth Management Inc. purchased a new position in shares of Fortinet in the 4th quarter worth about $400,000. Avantax Planning Partners Inc. bought a new position in Fortinet during the fourth quarter valued at about $265,000. Finally, Miller Financial Services LLC purchased a new stake in Fortinet during the fourth quarter worth about $330,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. BMO Capital Markets increased their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Citigroup increased their price target on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Price Performance

Shares of Fortinet stock opened at $96.25 on Monday. The firm has a market capitalization of $74.01 billion, a PE ratio of 42.59, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The business’s 50-day moving average price is $102.17 and its 200-day moving average price is $91.79.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 328 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 622,904 shares of company stock valued at $61,338,694 over the last three months. Insiders own 18.00% of the company’s stock.

About Fortinet

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.