Centaurus Financial Inc. Invests $256,000 in Fortinet, Inc. (NASDAQ:FTNT)

Centaurus Financial Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,708 shares of the software maker's stock, valued at approximately $256,000.

Other institutional investors also recently bought and sold shares of the company. Castle Rock Wealth Management LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $1,179,000. Siemens Fonds Invest GmbH lifted its stake in Fortinet by 2.2% during the fourth quarter. Siemens Fonds Invest GmbH now owns 39,453 shares of the software maker's stock worth $3,753,000 after purchasing an additional 864 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Fortinet in the fourth quarter valued at $74,962,000. Jefferies Financial Group Inc. grew its stake in shares of Fortinet by 48.7% in the fourth quarter. Jefferies Financial Group Inc. now owns 41,728 shares of the software maker's stock valued at $3,942,000 after buying an additional 13,669 shares in the last quarter. Finally, Integrated Advisors Network LLC lifted its stake in Fortinet by 0.3% during the 4th quarter. Integrated Advisors Network LLC now owns 79,687 shares of the software maker's stock worth $7,529,000 after acquiring an additional 201 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction on Monday, March 10th. The stock was sold at an average price of $96.93, for a total value of $19,967,580.00. Following the completion of the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 697,818 shares of company stock valued at $69,539,128 over the last 90 days. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Robert W. Baird raised their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Rosenblatt Securities boosted their price objective on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Piper Sandler reiterated an "overweight" rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Finally, The Goldman Sachs Group boosted their target price on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $1.26 on Wednesday, hitting $101.62. The company's stock had a trading volume of 3,392,828 shares, compared to its average volume of 4,974,851. The stock has a 50 day moving average of $99.87 and a 200-day moving average of $99.61. The company has a market capitalization of $77.78 billion, a price-to-earnings ratio of 44.96, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

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.