Oak Thistle LLC Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Oak Thistle LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,849 shares of the software maker’s stock, valued at approximately $269,000.

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

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom acquired 355 shares of Fortinet 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 purchase, the director now owns 150,245 shares in the company, valued at approximately $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. Insiders sold 67,860 shares of company stock valued at $6,469,056 over the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT stock opened at $94.23 on Friday. The stock has a 50-day moving average price of $95.68 and a two-hundred day moving average price of $80.34. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $101.00. The stock has a market cap of $72.22 billion, a PE ratio of 47.59, a price-to-earnings-growth 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.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. UBS Group boosted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday. Finally, HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $95.16.

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.