Cassaday & Co Wealth Management LLC Has $690,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Cassaday & Co Wealth Management LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 119.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 7,300 shares of the software maker’s stock after purchasing an additional 3,978 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Fortinet were worth $690,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock valued at $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp boosted its stake in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC boosted its stake in shares of Fortinet by 98.9% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock valued at $113,057,000 after buying an additional 724,887 shares during the period. Finally, AustralianSuper Pty Ltd boosted its stake in shares of Fortinet by 1,084.1% in the fourth quarter. AustralianSuper Pty Ltd now owns 657,311 shares of the software maker’s stock valued at $62,103,000 after buying an additional 601,801 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FTNT shares. Mizuho boosted their price target on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Barclays boosted their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. UBS Group upped their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Finally, Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $103.72.

Fortinet Stock Performance

Shares of Fortinet stock opened at $114.19 on Friday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average price of $99.88 and a two-hundred day moving average price of $87.93. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a market cap of $87.52 billion, a P/E ratio of 50.53, a PEG ratio of 4.20 and a beta of 1.01.

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

Insiders Place Their Bets

In related news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,110 shares of company stock worth $8,751,689. Company insiders own 18.00% of the company’s stock.

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.