2,260 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by FWG Holdings LLC

FWG Holdings LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,260 shares of the software maker’s stock, valued at approximately $228,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the 4th quarter worth approximately $46,000. Private Trust Co. NA boosted its holdings in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after buying an additional 307 shares during the last quarter. R Squared Ltd bought a new position in shares of Fortinet in the fourth quarter valued at $65,000. Finally, Venturi Wealth Management LLC increased its holdings in Fortinet by 30.6% during the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after buying an additional 163 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FTNT. Scotiabank boosted their price objective on shares of Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Friday, February 7th. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 19th. BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Susquehanna boosted their target price on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Finally, Piper Sandler reaffirmed 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. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $103.72.

Fortinet Trading Down 0.4 %

FTNT opened at $101.28 on Monday. The company’s 50 day moving average is $102.06 and its 200-day moving average is $91.04. The company has a market cap of $77.88 billion, a P/E ratio of 44.81, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. 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 (NASDAQ:FTNT) last posted its 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 net margin of 29.30% and a return on equity of 256.53%. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now owns 300,006 shares in the company, 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 Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,120 shares of company stock valued at $8,991,409 in the last 90 days. Corporate 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.